OREANDA-NEWS China and Africa will expand bilateral settlements in local currency and diversify foreign exchange reserves, according to the declaration signed at the summit of the Sino-African Cooperation Forum in Beijing.

"We will strengthen Sino-African cooperation in the field of investment, promote cooperation in the field of production and supply chains, and enhance the capabilities of everyone in the production and export of high-value-added products," the document says.

The parties also agreed to encourage their enterprises and actively use various forms of mutually beneficial cooperation.

"(We will) encourage financial organizations of the parties to strengthen cooperation, as well as expand bilateral settlements in local currency, diversify foreign exchange reserves," the declaration says.
The document entitled "Beijing Declaration on the Joint Construction of an All-weather Sino-African Community of Common Destiny in a New Era" was signed by China and 53 African states. The summit of the China-Africa Cooperation Forum is taking place in Beijing from September 4-6.