While commemorating 50 years of China's diplomatic ties with Africa, the China-Africa Summit, held on November 4-5, 2006 adopted a three-year action plan to deepen the existing political and economic links. This Summit, being one of the largest summits ever hosted in China's modern history, not only reflects the importance China places on its relations with Africa, but also clearly illustrates the value that the continent now attaches to this emerging Asian power vis-a-vis the West.
The two-day China-Africa Summit on November 4 and 5, 2006 in Beijing, coinciding with the 50th anniversary of the establishment of China-Africa diplomatic ties, created a new milestone in China's relationship with the African continent. Hailed as a new type of strategic partnership, this gathering of forty-eight African countries - the biggest ever since the founding of the People's Republic of China - was concluded by a declaration and an action plan for 2007-2009.
Relations between Africa and China have increased over the year and become more dominated by China’s economic interests. With an annual growth rate of 8-9 per cent , and a booming economy, China’s dependency on accessing natural resources is a top priority and has accordingly expanded its horizons. Africa, with all its seemingly unlimited natural resources, is an ideal partner. In addition, the African continent as a whole offers a potential market for china’s low value manufactured commodities.
