China Marches on in Africa Despite Downturn

Chinese investment in Africa is continuing full-speed ahead, Reuters reports:

Beijing and Chinese companies have pledged tens of billions of dollars to Africa in loans and investments mostly to secure raw materials for the world’s fastest-growing large economy.

That long-term interest remains intact, despite a worldwide economic slump that has hit China’s exports to the rich world and a sharp decline in Africa’s mineral shipments to China.

China-Africa trade has surged by an average 30 percent a year this decade, soaring to nearly $107 billion in 2008.

January 27, 2009, 7:28 PM
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