Secondly, the Report proposes to accelerate the change of the growth model, carry out strategic adjustment of the economic structure, speed up the establishment of a long-term mechanism for increasing consumer demand, and expand the domestic market. The strategic significance of this for the development of the African economy is two-fold: first, as China's growth model changes, the transfer of labor-intensive industries resulting from the adjustment of China's economic structure will present a historic opportunity for the development of Africa's industrialization. Currently, as Africa's industrialization is still at its initial stage, it is anxiously looking forwards to foreign investment, particularly investment from China. Over the past ten years, the volume of China's direct investment in Africa has increased from US$ 500 million at the end of 2002 to a swapping US$ 14.7 billion at the end of 2011, and more than 2000 Chinese enterprises have established business operation in Africa. In the next decade, China's investment in Africa will enter a new phase of growth.
Thirdly, China's establishing a mechanism for increasing consumer demand and expanding its domestic market mean that its import from Africa will continue to grow steadily. In the past 10 years, the trade volume between China and Africa has increased from US$ 12.39 billion in 2002 to US$ 166.3 billion in 2011. In the coming 10 years, trade between China and Africa can be expected to enter another phase of steady and rapid development.
In short, China's grand goal of completing the building of a moderately prosperous society in all respects in 2020 will drive rapid economic and social development in Africa. The CPC's 18th National Congress gives Africa's industry and commerce sector a glance at the prospects and future opportunities. The future of China-Africa cooperation on economy, trade, and investment is bright and promising, and there are a lot for African entrepreneurs to achieve.
Solar yacht put into use in SE China
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