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China-Africa trade 'to top $100bn'

Beijing says its trade with Africa is on track to top US$100 bn this year as it benefits from investments in mines, farms and factories on the continent, Chinese state media reported recently.

p>Beijing says its trade with Africa is on track to top US$100 bn this year as it benefits from investments in mines, farms and factories on the continent, Chinese state media reported recently.

Trade between China and Africa jumped 65 per cent year-on-year in the first half to US$61.2 bn, China's Ministry of Commerce said, according to official news agency Xinhua.

China-Africa trade fell to US$91.1 bn in 2009, down 14.7 per cent from US$106.8 bn in 2008. More than 1,600 Chinese businesses are investing in Africa in the mining, processing, commerce, agriculture, construction and manufacturing sectors, the report said, citing the ministry.

Beijing ceased levying tariffs on 60 per cent of imports from the 26 least developed African nations in July, the report said.

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