China's trade with Libya was striking, increasing by 222.6 percent during the period. A major factor behind this increase is the country's oil industry. During eight months of domestic conflict in 2011, Libya's oil exports were all but non-existent. But since the beginning of 2012, the country's oil industry has recovered. Meanwhile, Libyan demand for Chinese household, mechanical and electrical products has been high as the country rebuilds. China's trade with other major African trade partners, including Sierra Leone, Djibouti, Togo, Malawi and Central Africa also, increased, showing that China is trading with an increasingly diverse selection of nations in Africa. 

China-Africa cooperation in investments and engineering projects also progressed smoothly over the last year. During the first 10 months, China's non-financial foreign direct investment (FDI) in Africa increased by 17.2 percent year on year. Africa has become China's fast-growing FDI destination and an important market for Chinese engineering project contractors.

Prospects in 2013

The world economy is likely to continue to slow in 2013. The U.S. fiscal cliff, the Euro zone's sovereign debt crisis and Japan's persistent economic recession are all obstacles to global economic recovery. Global issues like food security, resource shortages and global warming are becoming more pronounced. The world's economy is therefore plagued by increased uncertainty. In this context, China and Africa's shared interests and demands are growing. Both face multiple challenges but also enjoy excellent opportunities for further development.

Africa's economy has a promising future. During the past few years, Africa's economy has weathered the international financial crisis, which enhanced its ability to withstand external risks in the process. With strong domestic demand, a decline of grain prices in the international market and improved weather conditions, the economies of African countries, especially low-income nations, have achieved substantial growth. The IMF's global economic outlook for 2013 predicts that the growth rate in Sub-Saharan Africa will reach 5.7 percent in 2013.

2012 is the last year for implementing resolutions passed during the Fourth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC). In July 2012, the Fifth FOCAC Ministerial Conference held in Beijing rolled out new measures to boost China-Africa trade ties, including expanding cooperation in investment and financing, increasing assistance to Africa and supporting the process of African integration.

Over the next three years, China will provide a $20 billion credit line to African countries to support infrastructure, agriculture, manufacturing and small and medium-sized business development. China will continue to expand aid to Africa, building more agricultural technology demonstration centers and cultural and vocational skills training facilities, and deepening medical and health cooperation with Africa. China will also help African countries enhance their satellite networks, and carry out well-drilling and water supply projects. China has pledged to spare no effort in helping improve local people's livelihoods so that Africans can enjoy the benefits of development. In addition to the measures described above, China will establish a partnership with African nations to further transnational and trans-regional infrastructure development, encourage Chinese enterprises and financial institutions to participate in development efforts, and help African countries upgrade customs and commodity inspection facilities to facilitate intra-regional trade. With those incentives, Sino-African economic and trade ties are bound to continue their development in the coming year.

(The author is deputy director of the Institute of Asian and African Studies of Chinese Academy of International Trade and Economic Cooperation)