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Bright road ahead for Asia-Africa relations

By Zheng Lifei (China Daily)
Updated: 2007-05-16 07:05

Participants at the roundtable themed "Africa and Asia: Partners in Development" held yesterday in ShanghaiWu Zhiyi

SHANGHAI: China will beef up efforts to promote financial exchanges and cooperation between Africa and Asia, China's central bank chief said yesterday, adding both continents are poised to become major players in the world economy.

China also plans to strengthen its own financial cooperation with Africa, said Zhou Xiaochuan, governor of the People's Bank of China.

"Economic cooperation between Asia and Africa, two vast continents with developing economies and huge populations, holds great significance. And financial collaboration is an important part of their economic cooperation," Zhou said.

"The two continents can share their respective expertise and lessons in economic growth which could contribute to more diverse growth models," Zhou said.

"Exchanges with developed economies are important, while such cooperation with developing countries is even more relevant as their experiences are more direct," he added.

Zhou was speaking at a roundtable themed "Africa and Asia: Partners in Development," a sideline event of the African Development Bank's (AfDB) 2007 annual meetings, which open today.

Asia and Africa, Zhou said, are investment and trade partners that share a wide range of common features.

"Asia and Africa have the potential to become two drivers of the world economy," he said.

China, host of this year's AfDB annual meetings, will actively participate in poverty reduction endeavors in Africa and will support AfDB's efforts in this area, Zhou said. He is the chairman of AfDB's 2007 annual meetings.

"China will strive to beef up the collaboration with AfDB and broaden the cooperation with other African development finance institutions such as the West African Development Bank," he said.

China, Zhou said, will actively work with other partners to raise funds for the African Development Fund.

China is encouraging Chinese enterprises, especially small and medium-sized firms, to invest in Africa, he said.

Against this backdrop, the country is also encouraging its financial institutions to branch out in Africa and welcome African financial firms to set up representatives or outlets in China, Zhou said.

"The two sides should also seek and strengthen cooperation in financial markets, financial institutions and capital market cooperation," Zhou said.

Zhou said future financial exchanges and cooperation between Asia and Africa look bright as the international environment is experiencing major changes.

Since the late 1990s, Asia has been gradually evolving into a net capital exporter as many countries' foreign exchange reserves have surged and domestic savings have increased, presenting Africa with great opportunities, Zhou said.

(China Daily 05/16/2007 page25)