TheBeijingSummitoftheForumonChinaAfricaCooperationwasheldfromSeptember3to4,2018.Thephotoshowsamantakingpicturesofaflowerbeddecorationforthesummit.VCGMorethanadecadeago,thefirstformalChina-Africasummit,officiallyreferredtoastheForumonChina-AfricaCooperation(FOCAC),openedinBeijingonabrightNovembermorning.Thisyear,themeetingcoincideswithChinacelebratingitsfourdecadesofreformandopeningup.ItprovidesagoodopportunityforChineseandAfricanleaderstodeepencooperationundertheBeltandRoadInitiativeproposedbyChinesePresidentXiJinping.
ThefactthatChinaissharingitsamazingexperiencesinindustrializationanddevelopmentoverthepastfourdecadeswiththerestoftheworldisakeyelementofitsrecentsuccess.Chinaliftedhundredsofmillionsofitspeopleoutofpoverty,asattestedbysuchinstitutionsastheWorldBank,throughinvestmentinurbanandruralinfrastructureprojectsandmega-projectsintransportation,waterandpower.ThisisanunparalleledachievementthatcouldbereplicatedinAfrica.
TheBeltandRoadInitiative,avehicleintendedtodrivegrowthinregionalconnectivity,isbreathinglifeintoChina-Africacooperationbybroadeningconsensus,strengtheningfriendshipandpromotinginfrastructuredevelopmentinAfrica.TheInitiativehasexpandedChina-Africacooperationtobroaderfrontierssuchastrade,infrastructure,skillstransfer,sports,tourism,medicine,technicalmanagementandscientificresearch.IthasalsoenabledChineseinvestmentandloansinAfricatoprioritizeinfrastructureprojectssuchasKenya鈥檚monumentalMombasa-NairobiStandardGaugeRailway.
TheInitiativehasalsohelpedpropelbilateraltradebetweenChinaandAfricarecently.Forexample,ChinaCustomsstatisticssuggestedthatChina-Africatradewas鈥渙fftoaflyingstart鈥漺ithUS$170billionin2017,upby14percentyear-onyear.Furthermore,thetradevolumebetweenChinaandAfricaneconomiesreachedUS$116billioninthefirstsevenmonthsof2018,upby18.7percentyear-on-year.
Now,howAfricaneconomiesstrategizebyleveragingtheBeltandRoadInitiativeisimportantconsideringtheInitiativeisagoodchannelforAfricatoengageChinamoreininfrastructure.TremendousopportunitiesexistforAfricatosecureChinesefinancingforitsinfrastructuredevelopmenttosupportintra-continentaltrade,whichwillhelpfacilitatethenewlysignedagreementtoestablishtheAfricanContinentalFreeTradeArea.
AfricaisalsolikelytobenefitfromthenewlycreatedChinaInternationalDevelopmentCooperationAgency(CIDCA),whichisdesignedtocoordinateChina鈥檚foreignaidprograms.TheCIDCAinstitutionalizesthemutuallybeneficialandwin-winconceptof鈥渄evelopmentcoordination鈥漷hatisakeycomponentoftheBeltandRoadInitiative.Africahasyettoclimbthevaluechainofmineralprocessingandmanufacturing.WiththeInitiativeAfricaneconomiescouldattractsuchfundingtoaddvaluetotheirnaturalresourcesandproducecommodities,whichwouldhelptheregionunlockthefullpotentialofitsnaturalresources.
Wearefacingdramaticanddynamicchangesintheworld.ChinaandAfricahaveonceagaincometoacrossroadssincebothsidesareundergoingeconomicandsocialtransformation.NumerousAfricaneconomiesareexcitedaboutfullparticipationintheBeltandRoadInitiativetoreverseAfrica鈥檚anti-industrializationprocessafterthefailedadjustmentguidedbyWestern鈥渟tructuredreforms鈥漣nthe1980s.Theultimategoalistoacceleratetechnologytransfer,jobcreationandAfrica鈥檚comprehensivetransformation.
Chinaisnowcontinuingdiversifiedhigh-tech,labor-intensiveandcapital-drivenindustrialcapacitycooperationwithcountriesacrosstheAfricancontinentaswellaswithislandsnearby.ItiscertainthattheFOCACBeijingSummitinSeptember2018hascreatedevenmoreimpetustoacceleratethefourthindustrialrevolutionandfuelaneconomicleapforwardinbothChinaandAfrica.
TheauthorisexecutivedirectoroftheCenterforNigerianStudiesattheInstituteofAfricanStudiesatZhejiangNormalUniversity.