$50 billion, a million jobs and a red carpet welcome: China woos Africa as U.S. struggles to keep up

Chinese President Xi Jinping pledged $51 billion in funding and at least 1 million jobs for Africa on Thursday as the U.S. and China vie for influence there.

BEIJING — Chinese President Xi Jinping pledged more than $50 billion in funding and at least 1 million jobs for Africa at a summit in Beijing on Thursday as the United States and China compete for influence in the fast-growing continent.

More than 50 leaders of African nations are in the Chinese capital this week for the Forum on China-Africa Cooperation, a summit held every three years that alternates between China and Africa.

China has been pulling out all the stops for the visiting dignitaries, with the flags of African nations flying around Tiananmen Square and multiple honor guards, red carpet ceremonies and performances being held for what China has called its most important diplomatic event since it emerged from three years of pandemic isolation. Banners and billboards around the city bear slogans celebrating “A Shared Future for China and Africa.”

Xi promised nearly $51 billion over the next three years, including $30 billion in credit lines, $10 billion in investment by Chinese companies and other amounts including military aid, as he vowed mutual cooperation with Africa to achieve “modernization.”

“Modernization is an inalienable right of all countries,” he said in a speech at the summit on Thursday. “But the Western approach to it has inflicted immense sufferings on developing countries.”

https://www.nbcnews.com/news/world/china-africa-summit-us-xi-jinping-rcna169673

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