"China cancels Africa's debts"

Beijing has fulfilled its commitment by cancelling 31 African countries' debts totalling US $1.27 billion.

During the second China-Africa trade summit held this week in Ethiopia, China said it would provide enhanced support for Africa, without any political discrimination. Both African and Chinese delegates agreed that there was vast potential for growth in trade between China and Africa, and that this was vital for Africa's development. Chinese and African leaders vowed to build stronger political and economic ties to counter western dominance in world affairs and improve the standing of poor countries.

Attending the two-day summit in Addis-Ababa, Chinese Primier Wen Jiabao promised preferential, zero-tariff trade deals with 34 African countries. Wen said China has taken further measures to increase its imports from African countries, and that the trade volume between China and Africa has been increasing at an annual rate of more than 20 per cent.

Full Article : warmafrica.com