|
China challenges the West for Africa’s resources
 |
A powerful and vibrant economic movement is sweeping the continent of Africa, and it sees Western influence being strongly challenged by China, who covets Africa's rich reserves of minerals and resources.
China is currently winning goodwill across the continent by tapping into shared anti-colonial resentments, and by treating the continent seriously. The next meeting of the China-Africa Co-operation Forum (CACF), will include 46 African heads of state, along with China's powerful leaders.
And Chinese President Hu Jintao, Vice-President Zeng Quinghong, and Prime Minister Wen Jiaboa are also known to visit the continent regularly. China's moves to strengthen its ties with Africa are designed to consolidate secure energy and mineral supplies, to restrict Taiwan's influence on the continent and to secure China's global authority.
China has invested billions of dollars in African oil production, mining, transportation, electricity production and transmission, telecommunications, and other infrastructure.
China's foreign direct investment in Africa represented $900m of the continent's $15b. Trade figures tell a similar story of their growing influence.
Sino-African trade grew by 700% during the 1990's, doubled between 2000 and 2003 to $18.5b, then jumped to $32.2b in the first 10 months of 2005.
And while trade and investment ties with China has helped to boost the continent's overall economic growth to a record-high 5.2% in 2005, they have also cancelled $10b in bilateral debts from African countries. Within a decade, China has overhauled Africa's balance of power, relegating the US and the UK to third and fourth place and challenging France for the number spot as the continent's main economic and commercial partner.
|
