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Sino–African relations, also referred to as Africa–China relations or Afro–Chinese relations, are the historical, political, economic, military, social, and cultural connections between China and the African continent. Little is known about ancient relations between China and Africa, though there is some evidence of early trade connections.
China surpassed the US in 2009 to become Africa's largest trading partner. Bilateral trade agreements have been signed between China and 40 countries of the continent. In 2000, China Africa Trade amounted to $10 billion and by 2014, it had grown to $220 billion. [3] As of 2024, Africa makes up less than 5% of China's global trade. [4]
Chart of the world's gross domestic product over the last two millennia. The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing.
An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders.
The first index was published in March 2007. It has been jointly published twice per year by the London-based think tank Z/Yen and the China Development Institute since 2015. [1] [2] It is widely quoted as a top source for ranking financial centres. [3] [4] [5]
Africa's economy—with expanding trade, English language skills (official in many Sub-Saharan countries), improving literacy and education, availability of splendid resources and cheaper labour force—is expected to continue to perform better into the future. Trade between Africa and China stood at US$166 billion in 2011. [75]
South Africa is a "gateway" to Southern Africa and Africa in general as the most developed African country. [35] China is South Africa's largest trading partner, and India wants to increase commercial ties with Africa. [6] South Africa is also Africa's largest economy, but as number 31 in global GDP economies it is far behind its new partners. [6]
List of international financial institutions: . African Development Bank; Asian Development Bank; Asian Infrastructure Investment Bank; Bank for International Settlements; Black Sea Trade and Development Bank