An international relations expert, Charles Kolawole, has given reasons why the second biggest economy in the world, China, is massively investing in Africa.
Kolawole said China will continue to maintain strategic roles in Africa over a longer period of time.
In a presentation at the University of Ilorin Post Graduate School, Kolawole explained that China’s commitment to a win win solution to development challenges in Africa will continue to attract the continent and its leaders to proposals from China, especially when all nations appear to be in a rat race for increased resource flow.
In his words: “Strengthening international industrial cooperation is an important part of building the new-type international relations featuring win-win cooperation.
“In contrast to cold-war confrontation and zero-sum game practiced by certain major countries, China has been committed to a win-win strategy of opening-up and pursues win-win cooperation in political, economic, security, cultural and every other aspect of international cooperation.
“International industrial cooperation will help promote the free flow of resources, market integration and extensive sharing of the progress of development.
“It is an effective way to change the status quo of unbalanced development and unfair resource allocation in the world.
“As the largest developing country, China has the capabilities to provide impetus for the development of other developing countries, especially African countries.
“The work with other countries will achieve complementarity of advantages through industrial cooperation, and together make world economic governance more open, balanced, reasonable and inclusive and build a community of shared destiny and common interests among all.”
Kolawole, whose paper was titled: “Interrogating China’s Economy,” said Africa and China must continue to seek mutual economic interest.
He said: “On the one hand, whereas China seeks resources to power its growing and expansive industrial base, it is also looking to establish a market for its products and services, while Africa is endeavouring to generate income to finance its poverty alleviation efforts, promote domestic consumption and support industrialization to underpin economic development.
“In addition, China has abundant capital and foreign reserves and will make overseas investment of over $650 billion in the next five years which will provide strong financial support for China’s industrial global effort.
“Given these factors many developing countries are looking to have cooperation with China in production capacity and there is considerable space and opportunity for such cooperation.”