China ready to strengthen co-op with Africa

BEIJING - Chinese Vice-Finance Minister Zhu Guangyao has said China is willing to further deepen cooperation with Africa to benefit the two peoples.

"China and Africa have worked closely in various fields such as politics and economy over the past few decades," Zhu said Saturday at the opening ceremony of African Export-Import Bank's shareholder meeting in Beijing.

Africa's economy has grown 5 percent annually despite global economic uncertainties.

"This shows that Africa has strong growth momentum and broad prospects for development. China is ready to strengthen cooperation with Africa to bring more benefits to people of both sides," Zhu said.

When talking about the Millennium Development Goals, the vice minister said all countries must come together and redouble efforts in order to meet the goals before 2015.

"China will do what it can to promote cooperation with developing nations, especially the least developed countries, to ensure the goals will be met on schedule," Zhu said.

He also warned of a possible decline in trade finance from European banks as they may continue to deleverage.

Official data showed that bilateral trade between China and Africa boomed in recent years with the annual growth rate reaching 28 percent.