Xi Jinping Pledges 67 Trillion Won Support to Africa... "Strategy to Secure Allies"

[Image source=Yonhap News]

Chinese President Xi Jinping announced that he will elevate bilateral relations with all African countries that have diplomatic ties to the level of 'strategic relations' and provide approximately 67 trillion won in funding over the next three years. Amid diplomatic and economic efforts by the United States and other Western countries to contain China, this move aims to further solidify China's economic influence on the African continent through the Belt and Road Initiative (the overland and maritime Silk Road connecting China, Central Asia, and Europe).

In his keynote speech at the opening ceremony of the 'Forum on China-Africa Cooperation (FOCAC) Summit' held on the 5th at the Great Hall of the People in Beijing, President Xi emphasized, "After nearly 70 years of efforts, China-Africa relations are experiencing the best period in history." The event saw the participation of top leaders such as presidents and prime ministers from over 40 of the 53 African countries that have diplomatic relations with China.

President Xi announced that he would raise bilateral relations with all African diplomatic partners to the level of strategic relations and provide 360 billion yuan (approximately 67.6 trillion won) in funding over the next three years. Additionally, China will provide 1 billion yuan (about 190 billion won) in free military aid to Africa and assist in training soldiers, police, and law enforcement personnel.

The background to China's focus on Africa is analyzed to be rooted in the strategic competition between the U.S. and China, as well as the containment efforts by the U.S., European Union (EU), and other Western countries against China. Especially as China's economic growth has recently slowed and criticism of China's overproduction has intensified mainly in the West, the necessity for China to develop the African market has grown even stronger.

The New York Times (NYT) reported on the 4th (local time), "FOCAC is intended to demonstrate China's global influence despite rising tensions with the West," noting that "President Xi's courting of Africa is part of the geopolitical competition with the U.S. that has deepened in recent years due to the Russia-Ukraine war and China's threats toward Taiwan."

China's decades-long diplomacy has also borne fruit economically, with China emerging as Africa's largest trading partner. According to data from the International Monetary Fund (IMF), one-fifth of Africa's exports are destined for China, and Africa's exports to China have quadrupled in U.S. dollar terms since 2001.