A win-win situation is fundamental: China-Africa economic and trade cooperation is by no means just an oil
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In the end, only “oil†is a map. In recent years, as the global demand for oil and other natural resources continues to rise, international oil prices have risen sharply, while Africa is also a major oil reservoir, and the political situation is more stable than the Middle East. Big oil countries want to compete for this "fat."
"In China, there is one more competitor, and of course we must marry the Chinese," said Mei Xinyu, a researcher at the Chinese Ministry of Commerce.
However, "China's investment in resources projects in Africa is not only for our own imports, but also better meets local demand and exports to other regions," said the Asia-Africa Research Department of the Ministry of Commerce International Trade and Economic Cooperation Research Institute. Director Xu Changwen told reporters. For example, some African countries have been oil importers in the past, but as China has entered and invested in oil projects in the country, these countries have now transformed into oil exporters.
In addition, compared to the monopolistic resources exploitation in Africa by European and American countries, China has combined more local economic characteristics and established a large number of supporting facilities. Since 1956, China has helped 49 African countries build more than 720 complete sets of projects under their aid. While western countries are also involved in infrastructure construction in Africa, and they also provide some gratuitous aid to the region, “but none of us are systematic,†Xu Changwen said. “Especially in the 1960s and 1970s, we were so poor. Also engaged in the construction of the Tanzania-Zambia Railway."
China has increased Africa’s debt burden?
The U.S.-led Western Group of Seven has repeatedly called nicknames, fearing that China will provide “high-cost loans†to poor countries, which may cause these countries to relapse into debt quagmire. Some individual U.S. officials absurdly claim that China is the number one speculator of lending.†Rogue loaners."
"Now the fundamental cause of the debt formation in African countries is still from multilateral debt, such as the World Bank, the IMF and the G8, while bilateral loans between China and Africa are generally low," said Assistant Researcher, Institute of Western Asia and Africa, Chinese Academy of Social Sciences. Yang Baorong told reporters.
Experts said that the current size of China’s loans to Africa is more than US$1 billion, while Western countries’ loans to Africa should be at least US$10 billion. It is only the G7’s claim that loans to the world’s poorest countries amounted to US$60 billion last year. .
In the past, many of China’s Africa’s offerings were free aid, but later it was discovered that this was not necessarily a good way to help local development, so it began to provide some low-interest loans, “so as to make the local government have some pressure,†said Xu Changwen. . In the framework of the China-Africa Cooperation Forum established in 2000, China has already eliminated 31% of the 31 countries in Africa that have owed debts due to China.
A win-win situation is that China-Africa trade and economic cooperation has become an important part of South-South cooperation. China-Africa economic and trade exchanges have achieved complementary advantages, mutual benefits, and win-win results in just over 50 years. Bilateral trade volume has also grown from 1200 million U.S. dollars in 1956 to last year. 40 billion U.S. dollars.
Of course, on the other hand, although we should refute remarks that demean or even distort China-Africa cooperation, it is not desirable to exaggerate the importance of China-Africa economic and trade cooperation.
“Some people say that Africa has become the first choice for Chinese companies to invest abroad. This argument is inaccurate,†said Xu Changwen.
From the perspective of China, investment in Africa still accounts for only a small part of China’s foreign investment. According to official data, as of the end of 2005, China’s foreign direct investment accumulated 57.2 billion U.S. dollars, while the total amount of Chinese non-direct investment during the same period was 1.595 billion U.S. dollars.
Experts said that China’s trade and investment in Africa is geographically far away. At the same time, there are many political instability factors. Due to the limited level of economic and social development, African countries’ policies are sometimes not very transparent. Local tax levels are high.
Mei Xinyu also pointed out that in order to reduce the risk of bad debts, China may develop more trade credits with Africa in the future, that is, based on real trade, using the loan itself as a guarantee for the repayment.
All in all, the economic and trade cooperation between China and Africa is still based on equality and mutual benefit. While assisting local economic development, our enterprises also need to have a certain sense of risk, so as to truly achieve "win-win", said Xu Changwen.
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