Angolan workers on the 9,808-unit housing project in Luanda enjoy some recreation in their spare time. PHOTO PROVIDED TO CHINA DAILY

Mutual benefits

China can trace its reform and opening-up policy back to the 1970s, and now it has established bilateral trade with many countries, especially in the developing world.

Africa is home to the largest number of developing countries, so promoting economic development and social progress are common tasks China and Africa face.

According to the Information Office at China’s State Council, China-Africa economic and trade cooperation in the 1950s centered on bilateral trade and China’s aid to Africa. Through joint efforts, cooperation is developing in ever-expanding fields and with increasingly rich content.

During years of development, China and Africa gave full play to the complementary advantages in each other’s resources and economic structures, abiding by the principles of equality, effectiveness, mutual benefit and reciprocity, and mutual development, and now continue to enhance economic and trade cooperation to achieve mutual benefits and progress.

Practice proves that China-Africa economic and trade cooperation serves the common interests of the two sides, helps Africa to reach the UN Millennium Development Goals, and boosts common prosperity and progress for China and Africa.

CTCE overseas

With the backdrop of integration between China and the world in trade, CTCE has accumulated the experience and profound understanding for China’s “going out” policy after contracting many overseas projects.

In recent years, CTCE has been a keen player in the international market and has witnessed tremendous growth in overseas operations, according to Board Chairman Zhang Hechuan.

In the Tanzania-Zambia railway project constructed between 1970 and 1975, CTCE was one of the contractors and made enormous contributions. The TAZARA project was financed through an interest-free loan of some $500 million from China.

The railway served as an important alternative transport exit for copper-rich Zambia, which was then blocked by neighboring white regimes for its support to the liberation struggle of other African countries.

The 1,860-km railway, which took more than 50,000 technicians and workers to complete over seven years, was one of China’s largest foreign aid projects and is considered an emblem of China-Africa friendship.

The project also marked the beginning of friendship between CTCE and African peoples.

The company then began long-term cooperation with another African country — Djibouti — in early 1980s.

It successively constructed more than 80 high-quality projects for the country in 10 years, which played an important role in boosting local economic development and improving people’s livelihoods.

Since the turn of the 21st century, the company has put even more focus on the overseas strategies as it responds to trends in international markets.

It has set up an international trade department headquarters and a number of subsidiaries engaged in overseas operations in many countries including Venezuela, Angola and Oman. The foreign branches have provided powerful business support and strong impetus to the company’s growth in overseas business affairs.

In 2001, the company contracted a road project in Mongolia that took more than three years to finish. As part of the Mongolia-China highway, the 200-kilometer stretch was highly commended by Mongolia President Tsakhiagiin Elbegdorj.

In August 2002, the company started to build a new railway in Venezuela and repaired the country’s existing railways two years later.

The company also signed a series of contracts adding new buildings at Chinese embassies in Nepal, Switzerland and Madagascar.

In 2008, the company began construction on a 22-floor commercial building in Nepal.

A year later, CTCE’s parent company contracted a railway project in Venezuela that was the largest investment by the government in a non-oil area. CTCE undertook a $3-billion task.

In 2010, the company built irrigation works, housing and road projects in Ecuador, Angola, Ethiopia and Kenya.

To date, CTCE has carried out or is undertaking more than 100 projects in 20 countries and regions including Ethiopia, Nigeria, Tanzania, Switzerland, Ecuador and Nepal. The projects cover railways, highways, housing and water-related works.

During its six decades of development, the company has formed a framework of overseas operations, mainly in African, South American and Asian countries. By the end of November, the company has 16 projects underway in seven countries, with a total contract value of $4.7 billion.