China pledges $20 billion in credit to Africa

Updated: 9:24 p.m. Wednesday, July 18, 2012
Posted: 9:22 p.m. Wednesday, July 18, 2012

China pledges $20 billion in credit to Africa

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The Associated Press

BEIJING —
Chinese President Hu Jintao has pledged African governments $20 billion in credit over the next three years and called for more China-Africa coordination in international affairs to defend against the "bullying" of richer powers.

China has emerged as Africa's main trading partner and a major source of investment for infrastructure. But its presence has also sparked concerns about labor abuses and corruption.

Hu made the lending pledge Thursday during the opening ceremony of the Forum on China-Africa Cooperation in Beijing.

Hu also said China and African countries, as developing nations, should better coordinate their response to international affairs to counter the practices of "the big bullying the small, the strong domineering over the weak and the rich oppressing the poor."

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