China's trade with Africa outracing the rest of world, supplanting North America

Video with Chinese subtitles: China's trade with Africa outracing the rest of world, supplanting North America 影片有中文字幕: 中國與非洲的貿易額超過世界其他地區，取代北美

Chinese exports to the United States are down double digits since the beginning of the year.

But China's exports overall are much higher than expected, as Chinese firms are successfully expanding into new markets.

This is glaringly true of Africa. Bilateral trade between China and Africa is rocketing higher, and doing so in surprising ways.

Chinese exports to Africa are high up in the value chain: advanced machinery, vehicles, electronics, and power generation. But these products are also falling in price, making them more affordable then ever to Africa's emerging middle class and business sectors.

It is also a de-dollarization story. Chinese banks make trade credit and finance widely available using pools of renminbi. African firms can far more easily access capital in RMB, compared to USD, and are refinancing their dollar-denominated debts to the Chinese currency.

自今年年初以來，中國對美國的出口額下降了兩位數。

但隨著中國企業成功拓展新市場，中國整體出口額遠高於預期。

非洲的情況尤其如此。中非雙邊貿易額正在飆升，而且成長速度令人驚訝。

中國對非洲的出口產品處於價值鏈的高端：先進的機械、汽車、電子產品和發電設備。但這些產品的價格也在下降，非洲新興中產階級和商業部門比以往任何時候都更能負擔得起。

這也是一個去美元化的故事。中國的銀行利用人民幣池廣泛提供貿易信貸和融資。與美元相比，非洲企業更容易獲得人民幣融資，並且正在將其以美元計價的債務再融資為人民幣.