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Momodou
Denmark
11841 Posts |
 Posted - 15 Nov 2009 : 11:32:13
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Culled from Al Jazeera English
China pledges $10bn in Africa loans
The Chinese government has pledged to give African countries billions of dollars in cheap loans at a two-day Africa-China summit in Egypt.
Addressing hundreds of Chinese and African businessmen at the Red Sea resort of Sharm El-Sheikh on Sunday, Wen Jiabao, China's premier, said he would also cancel debts of African countries.
"We will help Africa build up its financing capabilities ... we will provide $10bn for Africa in concessional loans," he said.
Wen insisted that his attempt to boost trade ties with Africa was not being pursued at the expense of the continent.
He rejected critics who say that resource-hungry China ignores the human-rights records of many of the continent's nations.
"Our efforts are sincere and selfless, without political strings attached," he said.
"China's training of 15,000 African professionals has provided the continent with a human resource more valuable than gold."
Investment push
The Asian giant is now Africa's second-largest trade partner, with the average yearly growth rate of that trade at over 33 per cent.
The Sharm El-Sheikh meeting is a continuation of a push to boost investment policy that has led China to sign business deals around Africa.
In 2006, the Sino-African summit included $5bn in loans and a number of projects, including building hospitals, anti-malaria centres, schools and roads - which Chinese officials say have largely been met.
Direct investment hit $7.8bn in 2008, and total China-Africa trade grew to roughly $107bn by that year - a tenfold increase from the start of the decade.
However, critics say the inflow of cash has come at a price.
Western governments and some non-governmental agenices contend that China has paid money to governments with few strings attached and little concern for their human-rights record.
For years, Beijing has played a leading role in developing Sudan's oil sector, even while the Khartoum government was being accused of atrocities in the conflict-ravaged Darfur region.
More recently, a little-known Chinese company signed a $7bn mining deal with Guinea's military government.
The agreement was announced in September, just weeks after Guinean soldiers opened fire on demonstrators - allegedly killing more than 150 people.
Chinese response
Beijing, itself widely criticised in the West for its human-rights record, said it was not involved in that deal and rejects the criticism.
Speaking to Al Jazeera, Huo Zhengde, China's ambassador in Guinea, said that companies based in the US, the UK, Australia and Russia were all doing business in the country.
"Just because these companies are doing business here, does that mean they are supporting the military government?
"So why, when Chinese companies do business here, is China accused of supporting the government?" Huo asked.
Beijing says it is up to Africans to decide whether the relationship is good for them, and is sure they will say it is.
China's growing trade with the military-ruled west African nation of Guinea
"Practice proves that the China-Africa relationship is mutually beneficial, and co-operation is win-win, embodying the wishes of the people and the demands of the times," Chen Deming, the Chinese commerce minister, said.
It is a theme that African businessmen working in China say they have heard echoed increasingly over the past couple of years by Chinese companies.
Some Africans welcome how China's approach differs from that of Europe or the United States.
"China's policy is based on mutual development. Few Western countries have a foreign policy like this - most are about telling Africans what to do," Kwaku Atuahene-Gima, executive director of the Africa programme at the China Europe International Business School in Shanghai, said.
Craig Bond, the Beijing-based chief executive of the South Africa-based Standard Bank, the continent's largest, told The Associated Press news agency: "The reality is that China's come of age.
"They've actually begun to realise that if they want to be global citizens, they are going to have to start doing things in a sustainable way," he said.
"They're going to have to start worrying about all the issues that the West has been worrying about."
Al Jazeera speaks to Frank Sieren, author and journalist, on China's expanding role in Africa
Some Africa watchers argue that while some Western criticism is warranted, African nations must also shoulder a good share of the responsibility.
Edward Brown, director for policy services at the Africa Centre for Economic Transformation, a research and policy advisory organisation based in Ghana, said: "Africans need to up the ante to see how they can best leverage their potential and ensure that Chinese investments are channelled into those areas where they generate the most value."
China-Africa ties
Trade between China and Africa has ballooned by an average of 30 per cent a year over the past decade.
In 2008, total trade stood at $106.8bn, up 45.1 per cent on 2007. In 2000, trade was only $10.5 bn.
Africa's combined GDP is worth approximately $1.2trn, equal to about one quarter of China's $4.4trn economy.
China's imports from Africa are dominated by oil and minerals to fuel its booming economy. Most come from Angola, Sudan, Nigeria, Zambia, the DR Congo and the Republic of the Congo.
Beijing hosted the first China-Africa summit in 2006, pledging to boost investment, trade and aid to the continent yet further.
Critics say China should use its clout to press African governments on cleaning up corruption and rights abuses.
China has also been urged to step up pressure on Sudan over the conflict in Darfur. China buys almost all of Sudan's crude oil exports, spending $6.2bn in 2008.
Source: Al Jazeera English
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A clear conscience fears no accusation - proverb from Sierra Leone |
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turk
USA
3356 Posts |
Posted - 15 Nov 2009 : 11:53:03
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| Well during colonization, Europe stolen without anything in return. China is doing trade. Freewill. It is trade. Both sides, China and Africa have ability to decide what is good. Africans are not under gun.. I think, Africa should take advantage of this. They should be smart about it. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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tamsier
United Kingdom
558 Posts |
Posted - 15 Nov 2009 : 15:31:18
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This so called China-Africa partnership is a one sided partnership. China is the only benefactor in the long run. China will rubed Africa of its natural resources even if it means the distruction of the African race. I have stated this before on this very site with evidence that cannot be easily dismissed:
http://www.gambia.dk/forums/topic.asp?TOPIC_ID=8405
The greedy African leaders who care about no one but their pockets will ultimately lead to the distruction of Africa [more so than now] with this dirty dealings with the Chinese. A business man/woman knows you don't give exclusivity especially if you starting up to just one client. If you do so you do at you perill, because you give them the ammunition to sqeez you out. Whilst they reduce cost and increase profitabily, you on the other hand suffer. The African leaders are they only ones I have known of who had given exclusive rights of their natural resources e.g. mines to the Chinese. A catastrophy if you ask me. The mere fact that their are new roads and buidings built on Chinese money means nothing, when the local populations have no jobs/income because most of the jobs actually go to the Chinese themselves [the ones brought from China to Africa]. A countries development is not sole judged by new roads and buildings, but by the peoples, education; jobs; better living conditions; health; etc and these are no forthcoming. |
Tamsier
Serere heritage. Serere religion. Serere to the end.
Roog a fa ha. |
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turk
USA
3356 Posts |
Posted - 16 Nov 2009 : 03:13:23
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OK. Arabs are muslims, do not trade with them. Do not involve with them. Europeans are colonizers. Trade with Chinese are one sided because we don't know exactly what the reasons!!!! Maybe Africans should have trade relationship with Marsians. They are the only alternative.
world total gdp 60,917,477
eu 18,387,785
usa 14,441,425
japan 5,910,692
china 4,327,448
So not trading with west and China means one is excluding almost 75 % of economy of the world as opportunity.
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diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 16 Nov 2009 03:55:38 |
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kayjatta
2978 Posts |
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| Bantaba in Cyberspace |
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