VOL. NO: 48      DATE:
 

Business News
  Home
  Editorial
  Top Stories
  Health Corner
  Agony Aunt
  Sports

About Us
Subscription
Advertise
Feedback
  Contact Us
AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

China's African ties grows substantially

Analysts agree that China's African ties are growing substantially following the China- Africa summit which ended in Beijing, with the Chinese government pledging to double both aid and trade with African nations. China expects annual trade with Africa to total $100bn (53bn) by 2010 after the event, attended by nearly 50 African heads of state and ministers. 

With China also promising $5bn in loans and credit for Africa, economic analysts said it showed Beijing's growing clout. Yet critics said that China was far too happy to support repressive African regimes. Others warned that Western nations were losing further ground to China in Africa, both in terms of accessing future raw materials and political influence. 

"China gave a party and everybody came, it's a big deal," said David Zweig, an analyst of Chinese foreign policy at the Hong Kong University of Science and Technology. "I think it's very significant. It's the biggest event in terms of China refocusing its attention on the developing world." 

In addition to doubling aid to Africa by 2009 and bilateral trade by 2010, China also unveiled $1.9bn of immediate trade and investment deals. These include a $300m new aluminium production plant in Egypt, a $300m contract to upgrade a highway in Nigeria and a $200m copper project in Zambia. China is increasing its economic and political ties with Africa because its booming economy has developed a tremendous appetite for raw materials such as Nigerian and Sudanese oil. 

Yet critics of its growing presence in Africa are unhappy that, unlike loans from the US and global institutions such as the IMF, China's cash offers do not come with democracy or human rights ties. In particular, they point to China's support for the Sudanese government, strongly criticised internationally because of the violence in Sudan's troubled Darfur region.

 

Please email your comments to
editor@africanecho.co.uk

 
 
Suite C, Queensway House, 275-285 High Street, Stratford, London, E15 2TF, UK
Tel: +44 (0) 208 534 2255 (Editorial), +44 (0) 208 534 2299 (Advertisements)
Fax: +44 (0) 20 8519 5564 Email: info@africanecho.co.uk
Terms & Conditions : Privacy Policy
Powered by:Alt N Solutions