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China is now the choice destination for Africans seeking higher education abroad. In addition, the Africa cultural visitors' program has since 2006 provided a platform for direct exchanges between the Chinese and African peoples. Alongside the increase in Chinese investments in the continent, Africans are increasingly investing in China, leading to a growing African-Chinese diaspora, while cities' twinning programs have seen over 1 million Chinese tourists visit Africa each year.
China is one of Fonterra's largest global markets, accounting for NZ.4 billion (.47 billion) of Fonterra's sales revenue and a normalized earnings contribution of greater than NZ0 million in fiscal year 2017. Its business in China includes ingredients, food services, farms and the partnership with Beingmate.
China is already a big power in the internet economy, boasting millions of mobile app developers. But far more efforts are needed in the semiconductor sector.
China is seeing continued improvement in its economic structure and fast emergence of new growth drivers. That is evidenced byhigher contribution to growth fromfinal consumption and services and faster expansion of high-tech and equipment manufacturing industries than general industries. A record 18,000 new businesses arebeing registeredon an average day on top of more than 100 million existing market entities. New drivers are playing a stronger rolein underpinningsteady growth, job creation and structure adjustment. This is where the hope of China's futuredevelopment lies.
China is Ireland's biggest trading partner in Asia. In March, Ireland became a member of the China-led Asian Infrastructure Investment Bank. Last December, China's central bank granted Ireland a 50 billion yuan (.25 billion) quota under the Renminbi Qualified Foreign Institutional Investor scheme, which allows for investment into China's onshore bond and stock markets.