On Monday, Chinese officials outlined plans to strengthen the alignment of the Belt and Road Initiative (BRI) with the long-term development objectives of African countries, with an emphasis on improving infrastructure and promoting trade partnerships across the continent. This initiative coincides with the upcoming 2024 Summit of the Forum on China-Africa Cooperation, scheduled to take place from Wednesday to Friday in Beijing. Officials believe that such alignment will revitalize Africa's socioeconomic growth.

The summit will highlight the importance of developing partnerships in emerging industries, particularly in green development and the digital economy. To date, 52 African nations and the African Union have formalized cooperation agreements with China under the BRI framework, as reported by the National Development and Reform Commission (NDRC). Xu Jianping, who heads the NDRC's Department of Regional Opening-up, stated that new cooperation plans will be pursued with additional African countries during the summit.

Xu noted China's commitment to synchronizing the BRI with the African Union's Agenda 2063 and the United Nations' 2030 Sustainable Development Goals. The objective is to work collaboratively with African nations to enhance infrastructure development and implement initiatives tailored to their economic and social requirements. However, infrastructure development in Africa faces substantial financial obstacles, with estimates suggesting an annual need of $130 billion to $170 billion, leaving a financing shortfall of $68 billion to $108 billion.

Despite these challenges, Chinese firms have significantly contributed to infrastructure advancements across Africa. They have constructed or upgraded over 10,000 kilometers of railways, almost 100,000 kilometers of roads, around 1,000 bridges, close to 100 ports, and extensive energy and telecommunications lines. China also aims to bolster institutional ties with African countries in trade and investment, particularly in innovative sectors like green initiatives and the digital economy.

As of June, China has granted trade benefits to 27 of Africa's least-developed nations, implementing zero tariffs on 98 percent of their exports. Bilateral agreements promoting investment and preventing double taxation have been established with numerous African countries. These developments have led to a record trade volume of $282.1 billion between China and Africa last year, along with Chinese direct investments in the continent exceeding $40 billion.

According to Bai Ming, an expert at the Chinese Academy of International Trade and Economic Cooperation, Chinese investment is vital for Africa's industrial diversification and economic growth. He emphasizes that by fostering a variety of enterprises in Africa, China is helping to reshape the continent's economies, reduce dependency on traditional sectors, and nurture new economic sectors crucial for enduring prosperity.