CHINA plans to further boost its soaring US$100 billion trade with Africa, the government said yesterday, adding its presence on the continent is mutually beneficial.

A Chinese government white paper released yesterday said that in the first 11 months of this year, China-Africa trade volume reached US$114.81 billion, a 43.5 percent increase year on year. That follows a decline in 2009 due to the global financial crisis. China-Africa bilateral trade volume was only US$12.14 million in 1950.

That growth is likely to gain traction in the coming years as the "economic and trade cooperation is bright" between the two sides, said the "China-Africa Economic and Trade Cooperation" white paper released by the State Council Information Office.

"As economic globalization progresses, the economic and trade cooperation between China and Africa will definitely gain momentum to reach a larger scale, broader scope and higher level," it said.

It was China's first-ever white paper on its economic and trade cooperation with Africa.

The white paper said the China-Africa economic and trade cooperation was now "on a new historical starting point" with the revitalized development of trade, investment and infrastructure, along with gradually expanding cooperation in finance and tourism between both sides.

"China would like to work with other countries and international organizations to enhance consultation and coordination with African countries, participate in the construction of Africa, and jointly promote peace, development and progress in Africa," it said.

China also pledged in the white paper to promote China-Africa economic exchanges within bilateral or multilateral frameworks, and broaden the scope of cooperation with African countries on the principles of equality, mutual benefit and common development.

The white paper said China's presence and efforts in Africa are fair and mutually beneficial, and provide balanced trade and economic cooperation with African countries.

Chinese enterprises "adopt open, transparent ... ways of cooperation to jointly exploit and utilize resources with African countries and international enterprises against monopoly and exclusiveness," it said.

China is encouraging domestic companies, flush with cash from the country's economic boom, to invest in Africa in an effort to diversify an economy driven by exports and outside investment.

Last year, China's direct investment in Africa reached US$9.33 billion, the white paper said, a jump from US$490 million in 2003.