China’s interest in Africa has heightened in recent years. It is offering debt relief, opening its burgeoning markets to African goods and offering friendly nations interest-free loans. It is training medical personnel. It is teaching the Chinese language to African students. It is providing Chinese businesses with information and technical support to lower their cost of doing business in Africa. China is building a basis for deep business cooperation with Africa precisely because it serves major Chinese interests. But just as the Chinese Government claims, Africa can benefit economically, too.
Whereas satisfied European and American investors saw few profit-making opportunities in Africa, entrepreneurial Chinese have found plenty of possibilities. Chinese firms need to be taken more seriously. Since China has entered the World Trade Organization and amassed unprecedented foreign exchange reserves, Beijing has promoted a “going global” policy of helping Chinese firms become globally competitive. Experts say Africa is a testing ground for this policy. Africa matters to China.
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