IMF official: China-Africa cooperation contributes to Africa's modernization drive

Photo shows IMF's senior resident representative in China Steven Alan Barnett. (Photo courtesy of the interviewee)

The 2024 Summit of the Forum on China-Africa Cooperation was held in Beijing from Sept. 4 to 6. In a written interview with People's Daily Online, Steven Alan Barnett, IMF's senior resident representative in China, lauded the fruitful results of China-Africa trade cooperation and said that China's development experience will be conducive to Africa's high-quality development.

China is the largest investor in Africa among developing countries and has been the continent's leading trade partner for 15 successive years. According to statistics from the General Administration of Customs, from 2000 to 2023, trade between China and Africa skyrocketed from less than 100 billion yuan ($14.05 billion) to 1.98 trillion yuan, registering a 17.2 percent annual increase on average, exceeding the 4.6 percent annual average growth of China's trade in goods in the same period.

China has become an increasingly important partner in Africa's development over the last few decades. The strong economic and financial ties that have developed between Africa and China over the last decades will foster the continent's further development in the period ahead, said Barnett.

China has been cooperating with African countries through various means, helping them improve their infrastructure, enhance their independent development capabilities, and achieve sustainable development. To date, Chinese contractors have built or renovated over 10,000 kilometers of railways, nearly 100,000 kilometers of roads, nearly 1,000 bridges, nearly 100 harbors, 66,000 kilometers of power transmission and transformation lines, and 150,000 kilometers of backbone communication networks in African countries.

Helping Africa improve its infrastructure is key, as Barnett noted that improving infrastructure is critical for expanding connectivity across the continent, which is helpful in reaping the gains of the African Continental Free Trade Area (AfCFTA).

Applying digital technologies across African economies is vital for innovation, job creation, and inclusion. As one of the leading digital innovators in the world, China is well-placed to make a critical difference in supporting Africa's digital transformation, said Barnett.

China-African cooperation can help African countries increase their resilience to climate change and unlock opportunities in the green economy, helping them realize sustainable development goals, said Barnett.

In terms of human capital development and capacity building, Barnett said China could continue to support training initiatives and promote knowledge transfers, including vocational education.

China's economic development over the past several decades has been remarkable. Pro-market reforms allowed for an improved allocation of resources, which propelled growth, said Barnett.

He added that opening up led to China's rapid integration into the global economy, which made it more competitive. He suggested that African countries learn from China's experience, strengthen their institutional, legal, and macroeconomic frameworks to foster healthy competition, invest more in education, and promote broader wellbeing.