China builds African empire
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FROM giant state corporations to a host of small businesses, Chinese companies have opened up a new frontier in Africa that is expanding so fast it is already altering commodity markets and manufacturing from Cairo to Cape Town.
Last week, China released figures showing that its trade with Africa is growing by more than 20% a year. Western companies face fierce competition from Chinese firms to buy Africa’s natural resources and sell engineering, goods and services back to the continent.
China’s drive into Africa marks a historic shift from its traditional role as a politically motivated aid donor to a hardheaded commercial partner.
This was underlined last February when eight African nations rolled out red carpets for President Hu Jintao on a 12-day tour of the continent, his second in nine months.
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Monday 19 November, 2007 07:13 PM |
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