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BEIJING (AP) - China launched a $1 billion fund Tuesday to finance trade and investment by Chinese companies in Africa as part of efforts to nurture commercial ties with the resource-rich continent.
The fund is part of Chinese aid and loans to Africa promised by President Hu Jintao at a November meeting with dozens of African leaders in Beijing.
China has been promoting itself as a partner for Africa's development as it tries to secure oil and other resources for its booming economy and new markets for its exports. But Beijing faces complaints that it is treating Africa as a colony and that it supports oppressive regimes, such as Sudan and Zimbabwe.
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