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Posts Tagged ‘China in Africa’

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A look at the growing Chinese presence in Africa (investment, construction, trade, close political relations an people), with a focus on Angola, now China’s largest supplier of oil. Between 1997 and 2009, the Chinese presence there grew from 200 to 40,000 people.

Via Current TV

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China’s plummeting exports are worse than many economists had expected but the country’s slowdown does not necessarily spell doom for Africa. Africa and China escaped the worst direct effects of the global slowdown last year, Africa because its banks were not integrated into international credit markets, and China because its banks were barred from investing in the complex financial products that wrecked several Western banks. But the second and third waves of the slowdown have been breaking on the shores of the African and Chinese economies ­ and wreaking havoc. For Africa, commercial bankers now predict the biggest downturn in trade and investment for two decades, mainly due to the loss of markets for African exports in both the West and the increasingly important Asian markets. China, which buys African raw materials for its massive infrastructure works and cheap manufactures for Europe and North America, is caught in the middle of this financial nexus. As China is exporting less to the West, its growth has slowed by at least two percentage points and it has sharply cut back its purchases from Africa. On 18 March, the World Bank revised its gross domestic product forecast (GDP) for China down a percentage point to 6.5%, citing ‘very negative trade data’ from the first two months of 2009 …

More at Africa-Asia Confidential.

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