China-Africa trade likely to hit record high in 2011

The level of trade between China and Africa in 2011 is expected to set a new annual record, as the bilateral trade has already almost matched 2010, a commerce official said Wednesday. China-Africa trade volume rose 30 percent year-on-year to reach 122.2 billion U.S. dollars during the first three quarters of 2011, compared with the 126.9 billion U.S. dollars recorded last year, said Shen Danyang, spokesman for the Ministry of Commerce, at a regular press conference. China has become Africa's biggest trading partner, with bilateral trade growing at an annual rate of 28 percent over the past 10 years, Shen said. By the end of 2010, more than 2,000 Chinese companies had invested in the continent. China invested 1.08 billion U.S. dollars in non-financial sectors in Africa during the first three quarters of 2011, up 87 percent from one year earlier, he said. "China-Africa cooperation in various sectors, including telecommunications and tourism, has shown great growth momentum. Many Chinese financial institutions operate in Africa, and Chinese airlines have opened direct routes to the continent," Shen said.