China's Africa investment to hit $50 billion by 2015

08:45, February 24, 2011      

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A fast-growing China is shipping more of its investments to the less-developed African continent, and the Standard Bank Group Ltd has predicted the country's gross investments in Africa will rise to $50 billion by 2015.

The bank also estimates bilateral trade between the two is expected to hit $300 billion by 2015, double the 2010 figure, The Bloomberg News reported Wednesday.
Thanks to China's huge capital inflows, Africa's gross domestic product will rise by around 6 percent annually through 2015, the bank said.

"Trade and investment routes in Africa are being recalibrated as economic momentum shifts to the East," The Bloomberg News quoted George Fang, China head of mining and metals, as saying in a research report. "This has been further intensified by the turmoil in advanced economies."

China is investing in African infrastructure projects that will lay a foundation for economic take-offs in African countries. The move "will make investment viable while leaving a future economic legacy" for African nations, Fang said.

People's Daily Online


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