• Sunday, May 19, 2024
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China economic size hits $18trn, ranks second in the world

A closer look at China’s under-the-radar reforms

China’s economic volume has reached $18 trillion, ranking second in the world.

China’s economic volume has reached $18 trillion, ranking second in the world. Yan Yuqing, the Chinese ambassador, said this in Lagos to mark the 74th anniversary of the founding of the People’s Republic of China.

“The Chinese people have created an economic miracle with hard work and wisdom. The total economic volume has grown from 30 billion USD at the beginning of the founding of New China in 1949 to 18 trillion USD today, ranking second in the world,” Yuqing said.

“Since the beginning of 2023, China’s economy has continued to recover and make progress in a steady manner, with GDP growing by 5.5 percent year-on-year in the first half of the year, demonstrating that China’s economy is still an important engine of growth for the world economy,” Yuqing said.

Yuqing noted that China and Nigeria, whose destinies are closely linked, have historically gone through great struggles against colonial aggression and for national liberation and are now marching forward hand in hand in their new journey of nation-building.

“Since my arrival, as the 8th Consular General of the People’s Republic of China in Lagos, I have witnessed the well-being of Nigerian society and people’s livelihood created by Chinese-invested projects such as Lekki Deep Sea Port, Lagos Light Rail Blue Line, Lekki and Ogun-Guangdong Free Trade Zone; I have felt the thumbs-up given by local people to Chinese-funded enterprises, such as China Civil Engineering Construction Corporation (CCECC), and China Harbour Engineering Company Limited, and the high recognition of Chinese brands such as Huawei, Tecno, and Infinix,” she said.

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Over the years, Nigeria’s relationship with China has grown trade between the two nations, with Nigeria being China’s third largest trading partner in Africa. This is because China is also Nigeria’s largest source of imports.

Last year, China’s total trade with Africa reached US$282 billion, solidifying its position as Africa’s largest trading partner for 14 consecutive years. Bilateral trade between China and Nigeria hit US$23.9 billion, approaching US$13 billion in the first seven months of 2023, making Nigeria China’s second-largest trading partner in Africa after South Africa.

China’s presence in Nigeria extends to reputable companies like China Civil Engineering Construction Corporation (CCECC) and China Harbour Engineering Company Limited. Chinese brands such as Huawei, Tecno, and Infinix enjoy high recognition, fostering goodwill and cooperation.

In attendance, Alex Otti, governor of Abia state, noted that the Abia state collaborates with the Chinese regarding infrastructure and construction.

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At the China-Africa leaders’ summit last month, Xi Jinping, the Chinese president, announced “Initiative on Supporting Africa’s Industrialization” “Plan for China Supporting Africa’s Agricultural Modernization” and “Plan for China-Africa Cooperation on Talent Development”, which includes training 500 principals and high-calibre teachers of vocational colleges every year, and 10,000 technical personnel with both Chinese language and vocational skills for Africa, and inviting 20,000 government officials and technicians of African countries to participate in workshops and seminars.

Yquing noted that the initiative will foster greater relationships and promote Nigeria’s economy.

“We believe that these Chinese initiatives and approaches will greatly promote Nigeria’s economic and social development and push China-Nigeria cooperation in various fields to a new level,” Yuqing said.