Summit of 54 countries covering 2.8 billion people is held in Beijing
This must be the biggest news today: the FOCAC grand opening.
Today, in Beijing, a summit was attended by leaders of 54 countries covering 1/3 of the world population. It is the Forum on China-Africa Cooperation (FOCAC).
It was attended by Chinese President Xi Jinping, heads of 51 African countries, representatives of the heads of 2 African countries, Chairperson of the African Union Commission Moussa Faki Mahamat, and UN Secretary-General António Guterres.
Xi’s address to the opening ceremony, titled “Joining Hands to Advance Modernization and Build a Community with a Shared Future”, has been released. Please see the link.
Key messages in his address are the following:
Bilateral relations between China and all African countries having diplomatic ties with China are elevated to the level of strategic relations.
The overall characterization of China-Africa relations is elevated to an all-weather China-Africa community with a shared future for the new era.
China and Africa will jointly pursue modernization in 6 directions: 1) just and equitable, 2) open and win-win, 3) people first, 4) diversity and inclusiveness, 5) eco-friendly, and 6) peace and security.
In the next 3 years, China will work with Africa to take the following 10 partnership actions for modernization:
1) Partnership Action for Mutual Learning among Civilizations;
2) Partnership Action for Trade Prosperity;
3) Partnership Action for Industrial Chain Cooperation;
4) Partnership Action for Connectivity;
5) Partnership Action for Development Cooperation;
6) Partnership Action for Health;
7) Partnership Action for Agriculture and Livelihoods;
8) Partnership Action for People-to-People Exchanges;
9) Partnership Action for Green Development;
10) Partnership Action for Common Security.
To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support over the next three years. This breaks down into RMB210 billion yuan of credit lines, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies. In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.
FOCAC was founded in the year 2000. Fifty-three of the 55 African Union member countries attended. ###