Photo taken on June 30 shows visitors at the third China-Africa Economic and Trade Expo in Changsha, Hunan province. (PHOTO: XINHUA)

By Staff Reporters

The economic and trade cooperation between China and Africa has witnessed great progress in the past decade, said Li Fei, vice minister of commerce, at a recent press conference in Beijing, where he was discussing the third China-Africa Economic and Trade Expo (CAETE) and China-Africa economic and trade cooperation.

CAETE has been a crucial platform for economic and trade cooperation between China and Africa. Taking place in Changsha, Hunan province from June 29 to July 2, the third CAETE highlighted the close economic and trade relations between China and Africa. The number of cooperation projects and agreements signed during the expo reached 120, with a total value of over 10.3 billion USD.

For the past ten years, the total volume of trade between China and African countries has exceeded two trillion USD, and China's accumulated direct investment in Africa surpassed 30 billion USD. China remains Africa's largest trading partner and became the fourth largest source of investment.

Last year, the contract projects and labor service cooperation projects created nearly 300,000 jobs for countries where the projects took place.

Over 50 African countries and the African Union Commission have signed the Belt and Road Initiative agreement documents with China, and set up several special working groups in unimpeded trade, investment cooperation, production capacity cooperation and e-commerce.

In addition, China has been supporting the construction of the African Continental Free Trade Area (AfCFTA), and established an expert group of economic cooperation with its secretariat.