Source: Xinhua| 2020-11-06 21:20:19|Editor: huaxia

Africa's largest bank by asset, Standard Bank, said the holding of the China International Import Expo (CIIE) sends a strong signal that China's recovery was underway following the negative impact on the global economy by the COVID-19 pandemic.

Philip Myburgh, Head of Africa-China Banking at Standard Bank, said the holding of the expo further reaffirms China's position of open trade, which benefits the African continent and was critical at a time when geographical uncertainty and pandemic disruptions were impacting global trade.

"China is Africa's largest trading partner, and the facilitation of trade between the two in the post-pandemic world is key to bringing investment into African economies, and to help them recover and grow," he said in an emailed statement.

Shifts in preference among Chinese consumers too is spurring a new demand for products from Africa, he added.

According to him, the CIIE, which is being held for the third time this year, has proven to be an invaluable platform for exposing African client businesses to opportunities in the world's largest consumer market.

The event is running from Nov. 5 to Nov. 10 in the Chinese city of Shanghai and is one of the few international conferences to physically take place this year following the outbreak of COVID-19.

The bank is participating at the expo with a focus on exhibiting African agricultural products and commodities. The bank is also working closely with the International Trade Center (ITC) at the expo.

Myburgh further said the bank has entered into a strategic partnership with the Industrial Commercial Bank of China aimed at expanding the import and export value chains between Africa and China.

Standard Bank has a footprint across 20 African countries and operates in Zambia as Stanbic Bank Zambia Limited.