Africa: Debate Questions China’s Role on Continent – All Africa
China’s role in Africa is the subject of the May edition of BBC Africa Debate in Lusaka, Zambia, on Friday 25 May 2012. Presented by BBC Africa’s Akwasi Sarpong and editor of bbcchinese.com, Yuwen Wu, China in Africa: Partner or Plunderer? explores the pros and cons of China’s active involvement in African development.
Partner with Africa – The Sowetan (ZAF)
Yesterday Standard Bank Group economist Jeremy Stevens presented his report on the impact of China’s growth in Africa. “If the Chinese economy went down, the rand would be hurt, probably depreciate by 23%. Equity-stock prices will fall and credit will increase,” Stevens said.
South Africa’s ANC says turning to China, India – DefenseWeb (ZAF)
Western investors have to realise South Africa does not need their money since it can turn increasingly to fellow BRICS members India and China to fund its economic development, said the Secretary-General of its ruling ANC.
Nigeria, China Proposed Trade Harmonisation Agreement Fails – This Day (NGA)
Efforts to harmonise trade relations between the Peoples’ Republic of China and Nigeria during a recent visit of the Director General of the Standards Organisation of Nigeria (SON) Dr. Joseph Odumodu, to China may have failed.
Confronting criticisms in Sino-African ties – China.org (CHN)
China has shuffled the relative importance of certain political and economic tools, and offered a different style of engagement with Africa. China’s bilateral engagements should be seen as a positive-sum catalyst for African governments to further their own economies and diversify their relations.
Why Africa should pay attention to the economic troubles in China – How we made it in Africa
Economic troubles brewing in China could potentially derail Africa’s growth momentum. According to Standard Bank economist Jeremy Stevens, Africa should be equally concerned about developments in China as the problems in the eurozone.
Viewpoint: Africa must do more to profit from China – BCC News (GBR)
Chinese investment in Africa has escalated rapidly over recent years, but what are the implications of China’s foray in the continent, asks expert in China-African relations Solange Guo Chatelard.
SA faces new competition in retail investment – Business Day (ZAF)
SOUTH Africa will compete for retail investment with countries other than China, Brazil, Russia and India, its partners in the Brics grouping, as consumer spending doubles in the next decade, according to research by AT Kearney, the management consultancy.
Ethiopia shoe factory widens footprint of China in Africa – The China Post (CHN)
A steady drone of machines hum as workers assemble shoes in a Chinese-built industrial park outside Addis Ababa, the first in Ethiopia by the Asian giant deepening its presence in Africa.
Finance and Banking
FDI – A Blessing or a Curse for West Africa? – ISN (GER)
Just as West Africa has been influenced by Western models of development and governance, the region is also a beneficiary of Foreign Direct Investment (FDI). Yet as the West’s geopolitical influence continues to be challenged by emerging powers such as China, West African states theoretically have even greater access to funding for infrastructural projects that seek to enhance economic development and social wellbeing.
Rand Gains on Speculation China Stimulus to Boost Gold – Bloomberg
The rand gained for the first time in 10 days as commodities rallied on bets China will focus more on bolstering economic growth, boosting demand from the biggest industrial metals user. Bonds advanced for a fourth day.
Oil and Energy
South Africa turns to China for refinery project – Business Day (ZAF)
South African national oil company PetroSA said on Monday it had partnered with China’s Sinopec group to push along the building of its Coega refinery, originally slated to cost $9bn-$10bn and produce 400000 barrels a day.
China’s Sinopec eyes South Africa refinery project – Wall Street Journal (ZAF)
South Africa’s national oil company PetroSA and China Petroleum and Chemical Corp., known as Sinopec, will build a refinery that could process several hundred thousand barrels of oil a day and cost several billion dollars to construct.
India, China, Taiwan lead S.Africa Apr coal imports – Reuters Africa
Asia absorbed most of South Africa’s 5.2 million tonnes of coal exports in April, led by India, China and Taiwan, exporters said.
Coega welcomes Project Mthombo study – Business Live (ZAF)
The Coega Development Corporation has welcomed the news of the signing of a Joint Study Agreement between PetroSA and The Chinese Petrochemical Corporation, the People’s Republic of China’s state-owned integrated energy and chemical conglomerate.
Mining and Metals
Rio Tinto says China iron ore “steady as it goes” – Business Live (ZAF)
The market for iron ore in China is “steady as it goes” in the short term, the head of Rio Tinto’s iron ore division said on Thursday.
Xstrata sees China copper demand rebounding – Business Live (ZAF)
Chinese demand for copper is likely to improve in the second half, the head of Xstrata’s copper unit said on Tuesday, as the miner pledged to lift output by about 60 percent over three years after some rivals have put the brakes on expansion.
Chinese technology powers Africa’s first LTE launch – Ghana Business New (GHA)
The Chinese are in Africa to stay! And they are doing everything they possibly can including impacting technological milestones on the continent.
Transport and Infrastructure
Chinese cars getting popular in Kenya – The East Africa (KEN)
Foton Motors East Africa Ltd is investing $10 million in an automobile assembly plant in Nairobi while Stantech Motors Ltd is the franchise dealer of Cherry Tigo sports utility vehicle and Grandtiger high-end pick up.
Chinese fund to increase agriculture investment in Africa – BizCommmunity (ZAF)
China-Africa Development Fund (CADFund) is considering partnerships with Agriculture development banks in some African countries in order to expand its investments on the continent, CADFund’s vice president Hu Zhirong said, according to Allafrica.com.
Spike in agricultural trade with Africa – China Daily (CHN)
China-Africa trade on agricultural products has gone through years of fast growth and the trade volume reached 4.78 billion U.S. dollars in 2011, a Chinese official said Saturday.
Cultural similarities between China and Africa – New Era (NAM)
Culture is defined as the totality of thought and practice by which a people creates itself, celebrates, sustains and develops itself and introduces itself to history and humanity.The diversity in the cultures around the world is also a result of the mindsets of people inhabiting different regions of the world.
Discovery takes its Vitality model to China – This Day (NGA)
Following its success in SA, the incentive-based Discovery Vitality model has been implemented in the US and UK, and is now available in China through Ping An Health.
Chinese firms charm most locals: survey – Daily Nation (KEN)
An overwhelming majority of Kenyans believe that the increased presence of Chinese companies in the country is positively impacting the economy.
Zimbabwe: Chinese Companies Warned Over Abuse of Local Workers – All Africa
Chinese nationals who own businesses in Zimbabwe have been strongly criticized by the MDC-T for abusing local workers and flouting the country’s labour regulations, with the party demanding that the abuses be stopped immediately.