China doubles its loans to Africa
China today announced a doubling, to $ 20 billion, of its loans to Africa. This gesture, which reflects the growing commitment of the second world economy towards the continent, aimed at supporting infrastructure, agriculture, manufacturing and SME development.
Source : https://www.marocafrik.com/english/China-doubles-i...
In 2009 China became first trading partner of Africa and their trade last year reached a record $ 166.3 billion, up 83% over 2009.President Hu Jintao made the announcement at a summit in Beijing attended by leaders from 50 African nations.
"We want to continue to enhance our traditional friendship... rule out external interference and enhance mutual understanding and trust," said Mr Hu.
China has been criticised for taking more out of Africa than it puts in and preferring to employ its own nationals as employees over local labour.It has also been accused of failing to respect the environment, notably by the USA.President Hu Jintao indicated that thes and other matters would would be settled by China and its African partners. As a great global economic power China is flexing its muscles.
China's growth rate has dropt to 7.6% which is the lowest it has been for sometime so it is keen to maintain its market share in emerging markets and in Africa in particular because of its growth potential .
"We want to continue to enhance our traditional friendship... rule out external interference and enhance mutual understanding and trust," said Mr Hu.
China has been criticised for taking more out of Africa than it puts in and preferring to employ its own nationals as employees over local labour.It has also been accused of failing to respect the environment, notably by the USA.President Hu Jintao indicated that thes and other matters would would be settled by China and its African partners. As a great global economic power China is flexing its muscles.
China's growth rate has dropt to 7.6% which is the lowest it has been for sometime so it is keen to maintain its market share in emerging markets and in Africa in particular because of its growth potential .
Source : https://www.marocafrik.com/english/China-doubles-i...