China VP stresses private investment in Africa
26 August 2015, 21:31
Hangzou - Chinese Vice President Li
Yuanchao called on China and Africa to draw on private investment in their
industrial cooperation when he addressed the fourth China-Africa People's Forum
in Yiwu of east China's Zhejiang Province on Wednesday.
The city is known as the world's largest wholesale market
for small consumer goods and is home to more than 3,000 African businessmen.
As China works to upgrade its industrial mix, it has spare
industrial capacity to transfer overseas and its private sector has lots of
money to invest, know-how and management experience, Li said.
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"The main resources of these transferrable industries
lie in the private sector," which is helpful in meeting Africa's dire need
for foreign investment in manufacturing, agriculture, energy and resources, he
The vice president urged African countries to create a sound
environment with rule of law, preferential policies and better infrastructure
to attract Chinese investors for common development.
"China-African cooperation should direct more financial
and human capital to areas that directly relate to people's livelihoods, such
as poverty reduction, agriculture, public health, clean water and disaster
prevention to bring the African people tangible benefits," Li said.
The first China-Africa People's Forum was held in Nairobi,
Kenya, in 2011.