China's President Xi pledges another $60 billion for Africa

Uhuru in China for trade talks days after hosting UK PM Theresa May

While in China, Buhari is expected to attend the 7th summit of the Forum on China-Africa Cooperation scheduled to hold from September 3 to September 4 in Beijing.

China's massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt.

Xi said Ethiopia is an important partner of China in Africa, and the two countries have established a comprehensive strategic and cooperative partnership.

China has denied it is engaged in debt trap diplomacy and Chinese state media have argued that concerns raised in Western media and by politicians are nothing but sour grapes.

Africa is growing in strategic importance for China, with the People's Liberation Army opening its first overseas naval base in Djibouti past year.

Despite this, several African leaders came to China's defense on Monday.

He said China and Africa's joint development of the Belt and Road completely follows established worldwide rules, noting that China is ready to strengthen third-party cooperation with any country that has the capability and the intent.

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Xi also said China will implement eight major initiatives with African countries in the next three years and beyond.

In the near future, China-funded industrial parks will cover the entire industrial system, Chinese tech companies will set up numerous development bases in Africa, dozens of jointly-built agricultural demonstration centers will bring huge, historical changes to Africa's agricultural industry, and more private companies will invest in Africa, especially in the cultural field, among others, he said.

At the summit's conclusion, South Africa will hand over the co-chairship of Focac to a new African country, having served six years (2012 to 2018) in this role.

The statement read, "During the High-Level Dialogue between Chinese and African Leaders and Business representatives on the margins of FOCAC, the Nigerian delegation is also expected to sign no fewer than 25 MOUs, including those proposed by the Nigerian Investment Promotion Commission, Nigerian National Petroleum Corporation, and Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture".

Data shows that China-Africa trade amounted to $170 billion in 2017, a 14.1 per cent increase upon the 2016 figures. It has since dipped and a year ago continued a slow recovery to $170 billion.

Chinese state-owned companies have aggressively pursued large investments in Africa, whose vast resources have helped fuel China's transformation into an economic powerhouse. He said Xi has expressed his commitment to addressing the issue. And, the China-Africa Fund for Production Capacity Cooperation will be provided with an initial contribution of $10bn.

China will also expand its imports from Africa, especially for non-resources products, and will facilitate African financial institutions' bond issuances in China, Xi added.

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