CHINA> AfDB Annual Meetings
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CHINA> AfDB Annual Meetings
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Turning to China for role model
(China Daily)
Updated: 2007-05-16 07:05 Africa is increasingly turning not just to the West, but eastward to China as well, in order to finance its economic development and find a role model for combating poverty. Trade links between fast-growing economic powerhouse China and Africa have taken a leap forward since 2004, when President Hu Jintao announced a drive to strengthen relations with the continent. "Clearly, we all have a lot to learn from China," Liberian Finance Minister Antoinette Sayeh said at a news conference in Washington in mid-April. "China has made great progress in the past few decades in combating poverty." African nations are embracing China with open arms, and international lenders like the World Bank are engaging in talks with China about working together there. "Ghana, Uganda, Mozambique, Tanzania, these are countries that have pretty good economic management and in those, the World Bank is interested in working with Chinese partners," said David Dollar, World Bank China's country director. Dollar said the World Bank was interested in working with the Export-Import Bank of China in some African countries to help finance infrastructure projects. China announced in January it would lend Africa $3 billion in preferential credit over three years and double its aid and interest-free loans. Signs are that there is more to come. Over the next three to four years, Zambia expects Chinese firms to invest $800 million in a new economic development zone near a Chinese-operated copper mine. China's growing role could also point to a longer-term shift in the global pattern of trade, African officials say. "Historically, the pattern of trade has been north-south, but we think the east-west, or south-south axis can be a good complement to this," said Rama Sithanen, Finance Minister of Mauritius. In 2006, trade between China and Africa reached $55.5 billion, a jump of 40 percent from the previous year. "It's not a military issue and it's not a political issue. It's a development issue," said Magande. "China is a good partner." Agencies (China Daily 05/16/2007 page27) |
