China rolls out new Africa financing, staying course despite slowdown at home
China has reaffirmed its aid and loan commitments to Africa even as its economy slows, showing its eye remains on the bigger picture.
China has renewed its financial pledges to African nations – even as its economy lurches and geopolitical friction with the West worsens – in a move analysts said shows the country will not let domestic strife disrupt the pursuit of its objectives in the region.
The fresh promises came as China is attempting to restructure its overseas investments and loans while continuing to position itself as a global leader with a diplomatic commitment to developing countries.
“The FOCAC suggests [China] doesn’t just want to maintain relationships with African countries but upgrade them, both politically and economically,” said Hannah Ryder, chief executive of Beijing-based consultancy Development Reimagined.
China is the continent’s biggest trade partner and bilateral lender – a position that has drawn scrutiny from the West and international organisations, with some claiming the loans create “debt traps” later used for political and economic leverage. Beijing has repeatedly rejected this accusation.
