Xi Jinping Kicks Off Ninth Forum on China-Africa Cooperation Summit

President Xi Jinping of China opens the ninth Forum on China-Africa Cooperation Summit, urging African leaders to absorb more Chinese goods in exchange for loans and investments. The forum involves discussions on cooperation documents guiding China-Africa relations until 2027, with significant focus on green technology, digital finance, and job-creating projects.

President Xi Jinping of China has inaugurated the ninth Forum on China-Africa Cooperation Summit, where he is anticipated to encourage African leaders to import more Chinese goods in exchange for increased loans and investment. The forum's official proceedings began with a welcome dinner for the 50 attending African nations and will conclude on Friday, following negotiations on cooperation documents that will shape China-Africa relations through 2027.

Last year, China approved $4.61 billion in loans to Africa, marking the first annual increase since 2016. China's strategy focuses on smaller, more manageable projects rather than large-scale infrastructure, in line with Xi's new approach of 'small and beautiful projects.' The Chinese leader is expected to promote China's competitiveness in green technologies, technology transfer schemes, and more people-to-people exchanges during the summit.

African leaders aim to secure faster financing solutions to the continent's growing debt crisis, fresh job-creating investment pledges, and assurance on previous commitments, particularly those made during the last summit in Dakar. Additionally, leaders seek better trade terms for agricultural and natural resources exports to narrow trade deficits with China. Discussions are being held on action plans and summit outcomes, with African leaders meeting Chinese firms to encourage the establishment of manufacturing hubs in Africa.

(With inputs from agencies.)