China-Africa Summit 2024
The China-Africa Summit 2024, officially known as the Forum on China-Africa Cooperation, took place in Beijing from September 4 to 6. The high-level event saw leaders from over 50 African nations converge with Chinese officials to discuss policies, deepen ties, and outline new cooperation agreements. The summit, which has been held every three years since 2000, plays a crucial role in shaping the trajectory of China-Africa relations for the coming years.
China continues to strengthen its position as Africa’s most important foreign partner, particularly amid growing competition with Western countries. During the 2024 summit, China pledged to increase financial support to African nations by 27 per cent, committing USD 50.7 billion over the next three years. This substantial package of credit lines and investments will primarily focus on infrastructure, energy, and trade development.
One of China's major commitments involves funding around 30 infrastructure projects to enhance trade links across Africa. This will be crucial in addressing the continent’s significant infrastructure deficit, estimated at USD 100 billion annually. These projects are also vital for the success of the African Continental Free Trade Area (AfCFTA), which aims to boost intra-African trade.
This year’s summit emphasized clean energy and environmental sustainability, including cooperation in the nuclear energy sector aimed at addressing the continent’s power shortages that have hindered industrialization, while also aligning with global efforts to combat climate change and positioning Africa as a potential hub for green technology, including electric vehicle manufacturing.
China has been Africa's largest trading partner for the past 15 consecutive years. In 2023, the total trade value between the two sides amounted to USD 282 billion, with around 20 per cent of Africa’s exports going to China, while about 16 per cent of the continent’s imports came from China.
Further demonstrating growing economic interdependence, several African countries announced new or expanded currency swap agreements with China. Ethiopia and Mauritius secured new currency swap lines with the People's Bank of China, while Kenya reported progress in talks aimed at reopening loans for major infrastructure projects, such as its modern rail project designed to improve regional connectivity.
With a population of over 1 billion people and immense development potential, Africa remains a crucial partner for China’s long-term strategic interests. As both sides look ahead, the agreements made during this summit will shape their relationship in key areas like infrastructure, energy, and trade for the coming years.
China’s commitment to fostering development and providing financial support reflects its desire to maintain its influence as Africa’s main foreign partner, while African nations continue to seek out opportunities for growth and cooperation with the world’s second-largest economy.