China pledges loans worth $20 billion U.S. to African countries

  In a bid to boost economic ties with Africa the Chinese government has pledged 20 billion in loans over the next three years. Back in 2009 China loaned ten million to African countries.
    The loans will be used to build infrastructure, agriculture, and the development of small business. Chinese president Hu Jintao and Premier Wen Jibao held talks with African officials during the fifth meeting of the Forum on China-Africa Cooperation.
     Some European leaders are critical of what they call the Chinese cheque book approach to Africa. They say that China wants to gain access to Africa's rich resources and will support undemocratic leaders to do so.
    Many African leaders applaud the Chinese loans including the president of South Africa Jacob Zuma. Zuma said;. "Africa's past economic experience with Europe dictates a need to be cautious when entering into partnerships with other countries,"  "We are particularly pleased that in our relationship with China we are equals and that agreements entered into are for mutual gain."  For more see this article.

Russia and China sign multiple business agreements

Russian President Putin and Chinese president Hu Jintao have signed multiple agreements governing cooperation on investment, energy, and technology. The signing happened during Putin's recent three day visit to China.

The two leaders pledged economic cooperation during the present global economic turmoil. Hu noted:"China and Russia are both committed to restructuring their economy and addressing the risks and adverse influence in the global economy," The goal of the two countries is to reach trade levels of 100 billion US. by 2015 doubling to 200 billion by 2020. In 2011 the level was just 80 billion but this itself was 42 per cent higher than the year before.

China and Russia also signed 12 different diplomatic and business agreements and established a 4 billion dollar joint investment fund. Russia already provided 15 million tons of crude oil through exclusive pipelines last year and expects sign an agreement to provide natural gas as well to serve China's expanding industries. For much more see this article.