The first phase of the China-Africa Economic and Trade Incubation Zone will complete construction and go operational in 2020, bringing in state agencies, international organizations, enterprises and talented individuals from both sides, authorities said.
Located in the Gaoqiao Grand Market in Changsha, capital of central China's Hunan Province, the incubation zone will help promote China-Africa commodity transactions, technical cooperation and exchanges in other fields, according to the provincial department of commerce on Saturday.
It is expected to provide a one-stop service for enterprises in both China and African countries engaging in trade with each other, the department said.
Hunan is building the secretariat for the China-Africa Economic and Trade Expo, as well as other institutional, academic and financial entities to explore new models of cooperation with Africa.
China and African countries have notably advanced their cooperation in recent years, with multilateral platforms such as the China International Import Expo and the Forum on China-Africa Cooperation playing a constructive role.
China has been the largest trading partner of Africa for 10 consecutive years. In 2018, the trade volume between China and Africa amounted to 204.2 billion U.S. dollars, up 20 percent year on year.