There has been considerable speculation recently in China-Africa circles that China is considering creating a new, independent aid agency along the lines of USAID or the German GTZ. Today, most Chinese development aid is administered by China's Ministry of Commerce (MOFCOM).
Sinologist Marina Rudyak translated MOFCOM's draft "Measures for the Administration of Foreign Aid," which states that MOFCOM is the designated body to implement foreign aid on behalf of the Chinese government. Rudyak recently wrote that it does not look like there will be a new aid agency in the near future. Instead, MOFCOM and its Department of Foreign Aid will likely get more staff and budget to handle China's aid program, more than half of which now goes to Africa.