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Saturday, 20 November 2010 - China, Angola sign agreements as vice-president Xi visits
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    Read more with google mobile : China, Angola sign agreements as vice-president Xi visits

    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam China, Angola sign agreements as vice-president Xi visits AFP - 26 minutes ago Send IM Story Print China, Angola sign agreements as vice-president Xi visits LUANDA (AFP) - – China signed a series of economic agreements with key African partner Angola on Friday during a visit by Vice President Xi Jinping to the oil-rich nation. "There is a traditional friendship between China and Angola. But since 2002 and the end of the war, our relations have entered a new phase," Xi said during a signing ceremony with Angolan counterpart Fernando Da Piedade Dias dos Santos. "Angola has been China's top partner in Africa for four consecutive years, until 2009," added Xi, who said that commercial exchanges between the two countries this year had topped 19 million dollars. Deals included a partnership between Angolan state oil company Sonangol and Norinco, a Chinese defence conglomerate which also has interests in the energy sector, but few other details were available. Xi, the heir-apparent to President Hu Jintao, earlier in the day held a one-hour meeting with President Jose Eduardo dos Santos, who has ruled the southern African country since 1979. "The purpose of my visit is to reinforce our strategic relationship with our Angolan partners," Xi told journalists on his arrival in Luanda. On Saturday, Xi is scheduled to visit the Kilamba Kiaxi housing project on the outskirts of Luanda, which is being built by Chinese construction group CITIC. Construction on the massive public housing project, which is expected to house up to 350,000 people, began in 2008. After meeting with a group of expatriate Chinese entrepreneurs, Xi is scheduled to leave Saturday for Botswana. The visit is part of an African tour that began this week in South Africa, where Xi signed a series of trade and energy deals. Since the end of Angola's 27-year civil war in 2002, China has played a key role in the country's reconstruction, extending generous credit lines conditioned on the hiring of Chinese companies and repaid in oil from Africa's top petroleum producer. From January to September this year, trade volume between the two countries reached 19.8 billion dollars (14.5 billion euros), up more than 80 percent compared with the same period last year, according to Xinhua news agency. Chinese ambassador Zhang Bolun told Xinhua that China has 50 state-owned companies and 400 private companies working in Angola. He estimated that China has extended 4.5 billion dollars in credit to Angola since 2002. That figure does not include loans from the Chinese Investment Fund, which are managed in Angola by the Cabinet for National Reconstruction, which reports directly to the president and does not publish loan information. China has assembled an expansive investment portfolio in southern Africa, particularly in Angola, Zambia and Zimbabwe. Its resource and energy deals with the continent are seen as key to fueling its blistering economic growth, forecast to reach 10.7 percent this year. Recommend Send IM Story Print Related Articles NATO agrees on Europe-wide missile defence system AFP - 19 minutes ago China, Angola sign agreements as vice-president Xi visits AFP - 29 minutes ago Blast fears stall New Zealand mine rescue AFP - 1 hour 32 minutes ago Indonesia to probe fresh maid torture case in Saudi Arabia AFP - 2 hours 36 minutes ago Suu Kyi urges US to be careful in Myanmar dialogue AFP - Saturday, November 20 News Search Top Stories 9/11 rescuers agree 625 million dollars damages: insurer WHO seeks regulation of flavored tobacco Brazilians flaunt Kate's engagement ring, for 3 dlrs Suspected Germany-bound bomb was 'security test' Disgraced Oceania FIFA official to appeal 'harsh' ban More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Warner Bros scrambles to pull online Harry Potter clip Astronomers find first planet from another galaxy 'Asian unicorn' and scaly anteater make endangered list 'Devastated' Eva Longoria files for divorce Prince William's wedding to fit austere times in Britain More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France EU fines 11 airlines 800 million euros for air cargo cartel Pilgrims stone 'devil' as Muslims celebrate Eid 'Naked' airport scanners may be 'dangerous' More Most Recommended » Elsewhere on Yahoo! 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