admingovernment official said yesterday.
Trade volumes have largely been driven by China’s ever-growing appetite for raw materials.
Zimbabwe has been a major exporter of tobacco and precious minerals to the world’s second largest economy.
Foreign Affairs deputy director in the African Department Mr Xiao Nan told a visiting delegation of Zimbabwean journalists that trade between the two countries would continue to grow.
“Trade value between January and October this year has now exceeded US$500 million,” he said.
“We expect that trade will continue to increase,” he said, noting that Zimbabwe’s tobacco exports largely accounted for total export receipts.
“All the cigarettes we manufacture in China have Zimbabwean tobacco,” he said.
Mr Xiao noted that Zimbabwe enjoyed a trade surplus over China.
Zimbabwe mostly imports low value finished products like clothing and electrical gadgets while exporting high value raw and unprocessed goods to China.
Mr Xiao said with China now the “world’s factory”, Beijing strives to make sure that its industries produce high-quality products.
The global economic powerhouse has been accused of mass producing low-quality products that are then dumped in developing countries, particularly those in Africa.
“It is not government policy to produce low-quality products for poor countries. We want to ensure that our industries produce high-quality products.
“But the issue of low-quality products is a challenge we are trying to rectify,” he said adding: “But we also have high-quality and good products.”
Commenting on China’s position on Zimbabwe’s indigenisation and empowerment laws, Mr Xiao said Chinese companies should comply.
Under Zimbabwe’s indigenisation regulations, foreign companies with a minimum asset value of US$500 000 should cede 51 percent equity to locals.
Foreign companies, particularly from the West, are reluctant to implement the law, preferring instead to invest in social responsibility projects.
Online Reporter