China, Africa sign US$1.9bn in trade deals

China and Africa closed out a landmark summit Sunday with the announcement of 14 trade deals worth US$1.9 billion and a pledge to strengthen ties between the world's fastest-growing economy and its poorest continent, AP reported. Chinese President Hu Jintao had already pledged to double China's current aid to Africa by 2009. He promised US$3 billion in loans, US$2 billion in export credits and a US$5 billion fund to encourage Chinese investment in Africa. The two-day Forum on China-Africa Cooperation was attended by heads of state from 35 of the 53 African nations, and top officials from 13 others. China's trade with Africa soared to US$39.7 billion last year, four times its 2000 level, according to Premier Wen Jiabao. He called for efforts to boost that to US$100 billion by 2020, and promised to open China's markets wider to African exports.