Yu Chaorui: The cooperation zone builds a benign interactive relationship between China and Africa's industrial development.

Dear Mr. Wubulikasmu Maitu, Mr. Lang Dong, Mr. Walid Jamaldin, Mr. An Zhengyi and Mr. Wang Jiang, representatives of brothers' financial investment service institutions and outstanding Chinese enterprises:

Good morning, everyone!

I am honored to be able to speak on behalf of the China-Africa Development Fund at this "Silk Road Escort • African Economic and Trade Cooperation Zone-Zhejiang Matchmaking Conference. As the main platform for China's investment in Africa, the China-Africa Development Fund has actively served China-Africa economic and trade cooperation since its establishment, vigorously promoted direct investment in Africa, and used practical actions to help the China-Africa Economic and Trade Cooperation Zone develop and grow, and continue to witness the park's increasingly important investment Bridge role. This year coincides with the tenth anniversary of the "Belt and Road" initiative. In the face of the new situation, China-Africa economic and trade park cooperation is facing new development opportunities. We believe that with the upgrading of the China-Africa Economic and Trade Park, the vast number of enterprises going out will also receive more intimate services and strong support. Below, I will briefly introduce the situation of the China-Africa Fund and the experience accumulated by the Fund in the investment practice of the Africa Park, and make some suggestions for the next development of the China-Africa Economic and Trade Park for the reference of all participants.

Overview of the China-Africa Development Fund

The establishment of the China-Africa Development Fund is an important measure of practical cooperation with Africa announced by the Chinese government at the Beijing Summit of the Forum on China-Africa Cooperation in 2006, which aims to encourage and support Chinese enterprises to invest in Africa. The China-Africa Development Fund opened in June 2007 and was undertaken by the China Development Bank with an initial design scale of US $5 billion. In December 2015, President Xi Jinping announced at the Johannesburg Summit of the Forum on China-Africa Cooperation that he would increase the capital of the China-Africa Development Fund by US $5 billion and increase the total size of the fund to US $10 billion. As China's first equity fund focusing on investment in Africa, the China-Africa Development Fund has carried out a large number of pioneering explorations since its establishment 16 years ago, which has strongly promoted the first trial of the "Belt and Road" construction in Africa and helped the construction of a China-Africa community with a shared future., Played a good exemplary role. Up to now, the China-Africa Development Fund has 5 representative offices in Africa, and its business radiates all of Africa; the cumulative investment decisions in Africa exceed US $6.6 billion, covering 39 African countries, leveraging Chinese companies to invest and invest US $31 billion in Africa; cumulative actual investment US $5.085 billion. The investment projects involve infrastructure, energy and mineral resources, production capacity cooperation, agriculture and people's livelihood, industrial parks and other areas urgently needed for Africa's development, as well as emerging areas such as digital innovation and green development.

Investment Practice of China-Africa Fund Economic and Trade Cooperation Zone

The China-Africa Economic and Trade Park started in 2000 and was officially included in the scope of China-Africa economic and trade cooperation at the third Beijing Summit of the Forum on China-Africa Cooperation held in 2006. In 2015, General Secretary Xi Jinping put forward the "Ten Major Cooperation Plans" at the Johannesburg Summit of the Forum on China-Africa Cooperation, and included the industrial park in the "China-Africa Industrialization Cooperation Plan", emphasizing "promoting China-Africa industrial docking and production capacity cooperation. Encourage and support for Chinese enterprises to invest in Africa"; in 2018, General Secretary Xi Jinping once again proposed to focus on the implementation of the "Eight Major Actions" at the Beijing Summit of the Forum on China-Africa Cooperation, including the economic and trade cooperation zone in the "Implementation of Industrial Promotion Actions" to help promote Africa's industrialization. In this context, the fund attaches great importance to and actively supports investment in the economic and trade cooperation zone, and has successively invested in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone and the Laiki Free Trade Zone in Nigeria. After years of construction and operation, the above-mentioned projects have formed a development model suitable for themselves. The relevant infrastructure of the park is becoming more and more perfect, the business model is becoming more and more mature, and the comprehensive benefits of attracting investment, earning foreign exchange through exports, and employment taxes are becoming increasingly apparent. It has become China's flagship project to implement the Belt and Road Initiative and carry out China-Africa park cooperation, with outstanding influence.

As an important part of investment cooperation with Africa, the economic and trade cooperation zone effectively integrates the "two markets" and "two resources" of China and Africa, and builds a benign interactive relationship between China and Africa in industrial development: on the one hand, the economic and trade cooperation zone is conducive to promoting local economic development, further promoting the process of industrialization, and creating a large number of tax and employment opportunities; on the other hand, the economic and trade cooperation zone is also in line with the development direction of Chinese enterprises to expand overseas market, A public service platform for overseas investment has been set up to pool resources, centralize policies and provide investment, helping enterprises to change from decentralized "fighting alone" to cluster and large-scale development.

The China-Africa Fund will always support the development of the China-Africa Economic and Trade Cooperation Zone, and warmly welcome and look forward to cooperating with all enterprises to create a new chapter in China-Africa investment cooperation!

Recommendations for the next step in the development of economic and trade cooperation zones

In order to promote the high-quality development of China-Africa economic, trade and investment cooperation, China-Africa Economic and Trade Park needs to be further upgraded. The Fund has the following thoughts and suggestions on promoting the next development of the China-Africa Economic and Trade Cooperation Zone:

First, vigorously carry forward the economic and trade cooperation zone gathering advantages, explore the industrial chain of high-quality development path. The development of economic and trade cooperation zones should focus on raising the "height", increasing the "thickness" and pulling the "length" of the industry, so as to form a new way of high-quality development of the industrial chain with the core of gathering upstream and downstream products, reducing comprehensive supporting costs, lengthening the industrial chain and cultivating advantageous pillar industries.

The second is to give full play to the complementary characteristics of China-Africa economic and trade cooperation and create an export-oriented development model. Economic and trade cooperation zones should be based on Africa's comparative advantages and resource endowments, and take advantage of China's financial advantages and advanced technology management experience to adopt an export-oriented development approach. On the one hand, it will help to create an international division of labor and cooperation mode with the deep integration of industrial chain, supply chain and value chain; on the other hand, it will also help to eliminate the negative impact of foreign exchange shortage and exchange rate depreciation on overseas investment of Chinese enterprises.

The third is to diversify and continuously improve the added value of industrial services in the economic and trade cooperation zone. While realizing real estate value-added, the economic and trade cooperation zone should actively innovate business models, and continue to increase the contribution of industrial service value-added value to income through infrastructure operations, information intermediary services, and equity investment.

Ladies and gentlemen, since the "Belt and Road" initiative was put forward ten years ago, China-Africa economic and trade cooperation has been fruitful. This is inseparable from the multi-party empowerment and resonance of China and African governments, outstanding Chinese and African enterprises and financial investment institutions! At a time when China-Africa economic and trade cooperation is ushering in a new chapter in its development, the China-Africa Fund will continue to vigorously support the development of the African economic and trade cooperation zone, relying on industry and capital as a boost. to provide comprehensive investment services of "financing, intelligence and business integration" for the vast number of enterprises and projects in the park, and increase financial support for Chinese-funded enterprises to go overseas.

Finally, I wish this meeting a complete success!

Thank you all!

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