China-Africa trade likely to hit record high

China's foreign trade with African countries may hit a record high this year as a result of favorable trade policies, the Ministry of Commerce (MOC) said Thursday. Trade between China and African countries reached 163.9 billion U.S. dollars in the first ten months, up 20 percent year on year, the MOC said. Trade growth with Africa was 14 percentage points greater than the average level, the MOC said. China has exempted tariffs on 60 percent of goods imported from 30 African countries since January this year in order to boost trade with the continent. The government is also encouraging enterprises to invest in African countries by raising funds and giving preferential loans, according to the MOC. Chinese non-financial direct investment in Africa hit 1.5 billion U.S. dollars between January and October, up 17 percent from the previous year. More than 2,000 Chinese enterprises are engaging in African investment projects in the agriculture, telecommunications, energy, manufacturing and catering sectors. In addition, Africa is now China's second-largest overseas market in terms of project contracting. Chinese enterprises signed project contracts worth 38.2 billion U.S. dollars with African partners during the January-October period, up 27 percent year on year. The projects mainly consist of infrastructure construction, including roads, bridges and ports, as well as water conservancy and electricity facilities