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Vice Premier Hui arrives in the DRC and receives flowers as a welcome gesture (XINHUA) |
Growth indicators
According to Xie, three aspects contribute to the fast growth of Sino-African trade. First, both China and Africa are experiencing rapid economic development, which has also been encouraging Sino-African trade development.
After the mid-1990s, Africa witnessed stable economic development with annual growth of more than 5 percent. On the other hand, China has taken a series of measures to promote its market-oriented economy. Notably after China's access to the World Trade Organization in 2001, its foreign trade received a major boost.
Second, China's products and technologies can meet the realistic demands of economic construction and social development in Africa; meanwhile, China's rapid economic growth and increasing domestic demands also provide a big market for products made in Africa.
Third, under the framework of FOCAC, the bilateral trade promoting mechanisms and policies also play an important role. So far, has signed trade agreements with 45 African countries. In order to enhance imports from Africa, China has adopted a series of trade facilitation measures, such as exempting tariffs of some products from the least developed African countries with diplomatic relations with China and encouraging China's companies to Africa to purchase African products.
According to Xie, Sino-African trade has shaken off the negative influences of the international financial crisis. She did admit that China should take measures to increase the quality of products exported to Africa so as to set up a good image of "Made in China." She also suggested both sides join hands to crack down on producing and selling fake products.
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