Credits: South China Morning Post (Dec 18, 2015) - Enlarge |
In fact, just last week, South Africa hosted Chinese President Xi Jinping in Johannesburg for the Forum on China-Africa Cooperation (FOCAC). During the conference, the Chinese President announced the budget for African cooperation would be tripled to a USD 60 billion package. This includes USD 5 billion of aid and interest-free loans, USD 35 billion of preferential loans and export credit, and USD 20 billion of capital to be divided between three Africa-focused funds. China's overall trade with Africa topped USD 200 billion last year but has slowed over the past two years as the weakening Chinese economy demands fewer of the continent's oil, copper and other raw materials. Chinese-built roads, bridges and power installations are found across Africa, often paid for in resources or through loans from China. There are about a million Chinese living in Africa, mostly engaged in commercial work, according to the Chinese General Chamber of Commerce in Africa.