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China As The World’s Largest Economy: What It Means For US...

AFRICANGLOBE - The news that China will displace the US as the world’s largest economy this year is big news. For economists who follow these measurements, the tectonic shift likely occurred a few years ago. But now the World Bank is making it official, so journalists and others who opine on world affairs will have to take this into account. And if they do so, they will find that this is a very big deal indeed.

China Could Overtake The US As The World’s No. 1 Economy...

AFRICANGLOBE - China’s economy is catching up to the U.S.’s much more quickly than anticipated. That’s according to a new report from the International Comparison Program of the World Bank.

Cooperation, Africa’s Path To Prosperity

AFRICANGLOBE - Every two or three years, African heads of state travel to a foreign capital to be wooed by one or another of the major powers jockeying for position on the continent. China has been among the more prominent organizers of these “Africa summits,” while Japan, India, Turkey, Brazil and the European Union have all held their own versions. In August, President Obama will join the fray when he invites 47 African leaders to talks on trade and security in Washington.

Africa’s Cycle Of Exploitation: Now Its China’s Turn

AFRICANGLOBE - China is not in Africa to HELP Africa. She is in Africa to do to Africa what Europe and America have always done to Africa. China is neither a friend, foe, nor partner in development with Africa. She is simply obeying the rules of techno- capitalism- exploit and dominate.

Chinese Savers Can Scorch The World

AFRICANGLOBE - This year China’s gross national savings will be close to $5tn. US savings will be only $3tn. If, as planned, China were to open its capital account – allowing foreigners to invest in China and the Chinese to invest abroad – the scale of its savings would surely reshape global finance. Done well, liberalisation would bring huge changes. Done badly, it could shake the foundations of already fragile global finance.

On Being African In China – A Must Read

AFRICANGLOBE - The first character for the Chinese word for Africa, “fei” (非), means “to not be; not have; not; wrong; incorrect; lack.” Walter Bagehot, a prolific writer and journalist, once opined that “an ambassador is not simply an agent; he is also a spectacle.” That word “spectacle” probably best encapsulates my experience as a Black female living and studying in China.

Chinese Companies Invested $1.79bn In Nigeria Last Year

AFRICANGLOBE - One of Nigeria’s top sources of Foreign Direct Investment (FDI), China invested $1.79 billion in the West African country last year, according to Chinese Consul-General, Mr Liu Kan.

The Great China ‘Takeover’ Of Africa Is Greatly Exaggerated

The great China takeover, however, may be something of a myth. China is Africa's biggest trading partner – it took the top spot from the United States in 2009 – and a large source of capital. Trade between Africa and China, which totaled $10.5 billion in 2000, ran $166 million in 2011.

China’s Aid To Africa: Monster Or Messiah?

AFRICANGLOBE - In recent years, China’s economic presence in Africa has led to a heated debate, some of it well-informed and some of it not, about the nature of Chinese involvement and its implications for the continent. The debate is partially motivated by the rapid growth of China’s economic presence in Africa

China – Japan Acrimony Spills Over Into Africa

AFRICANGLOBE - A day after Japan’s Prime Minister Shinzo Abe addressed the African Union (AU) and pledged loans worth $2 billion over five years as private sector assistance to the continent, China’s Ambassador to the AU, Xie Xiaoyan, described Mr. Abe as “the biggest troublemaker in Asia.”

Africa Will Remain An Important Pillar Of China’s Diplomacy

AFRICANGLOBE - China's top diplomat has chosen four African countries to visit on his first trip abroad in the new year, a move that highlights the continent's importance in Beijing's diplomatic blueprint. Foreign Minister Wang Yi begins his six-day tour of Ethiopia, Djibouti, Ghana and Senegal on Monday. Wang will arrive in Ethiopia at a time when bilateral trade between China and Africa reached $172.83 billion between January and October in 2013.

Dollar Survival Behind US-China Tensions

AFRICANGLOBE - The escalation of military tensions between Washington and Beijing in the East China Sea is superficially over China’s unilateral declaration of an air defense zone. But the real reason for Washington’s ire is the recent Chinese announcement that it is planning to reduce its holdings of the US dollar.

China to Provide Africa With US$1 Trillion In Financing

AFRICANGLOBE - The central government, including state-owned banks, will provide US$1 trillion of financing to Africa in the years to 2025, says Zhao Changhui, the chief country risk analyst at Export-Import Bank of China (Eximbank).

Zimbabwe Seals Hydro Power Deal With China

AFRICANGLOBE - The Zimbabwean government and the China Export and Import Bank yesterday signed a US$319 million loan agreement for the expansion of Kariba South hydro power project.

Africa’s Fastest-Growing Economies Have Not Relied On Oil Or Mining

AFRICANGLOBE - A study published this week by the International Monetary Fund (IMF) finds that eight of the 12 fastest-growing economies in Africa in recent years did not rely on natural resources. Together these economies grew more quickly even than the group of oil producers.

China and Brazil Scramble for Agricultural Influence in Africa

AFRICANGLOBE - China and Brazil have identified agriculture as central to their development efforts in Africa, confident in the belief that they can make valuable contributions based on their own agricultural success. China trumpets its ability to feed 20% of the world's population on roughly 10% of the world's arable land, while Brazil can boast of agribusiness-led commercial production of soya bean and ethanol as well as its promotion of smaller-scale farming.