Chinese President Xi Jinping has pledged over 50 billion dollars in financial support for Africa in areas including infrastructure and the military.
The pledge is seen as reflecting China’s resolve to expand its influence in countries called the Global South through economic cooperation in an apparent move to counter its rivals including the United States.
Xi delivered a speech on Thursday at an international conference called the Summit of the Forum on China-Africa Cooperation that opened in the Chinese capital Beijing on the previous day.
Leaders from 53 African nations are taking part in the China-Africa summit.
Xi proposed in the address that bilateral relations between China and all African countries having diplomatic ties with China should be elevated to a more strategic level.
He also said the Chinese government will make financial contributions to African nations worth 360 billion yuan, or about 50 billion dollars, over the next three years.
This assistance program covers areas from infrastructure, agriculture, to trade and includes the military such as joint exercises.
Xi said that the Western approach to modernization has “inflicted immense sufferings on developing countries”.
He added that “China and Africa’s joint pursuit of modernization will set off a wave of modernization in the Global South”.
Concerns are growing in the US and other countries regarding economic cooperation between China and Africa including so-called “debt trap,” in which China increases its influence by extending excessive loans to developing countries.