The other day, I saw Zimbabwe president paying a visit to BYD Headquarters and realized that head of states are now making their way to China for the 9th FOCAC (Forum on China–Africa Cooperation).
What China is doing now is nothing new. In the late 19th and early 20th century American banks pushed out British financiers in Latin America because US was coming as an emerging power. Most of those investments went to shit and the countries went into debt default.
After WW2 the West tried this thing again with Latin America and Africa and again it ended with foreign default and/or debt forgiveness by the 80s and 90s. Then the leftists and nationalists came up with this whole debt trap diplomacy meme and created all this propaganda about the IMF.
When the World Bank was founded it didn't impose that many conditions on its loans because they thought of it as a violation of sovereignty. After the debt defaults they got blamed for the mismanagement of developing countries and hence comes the elaborate and ever expanding rules. At this point the World Bank and IMF are just glorified babysitters.
China is going down the same path with Africa. A bunch of them (even the promising ones like Ethiopia) have already defaulted and more are on the way. In the long run you won't actually win any brownie points with Africans. They will mostly blame you for their incompetence. There is going to be little to no strategic victory for you. It's going to be a subsidy for Chinese contractors and a loss for the Chinese taxpayer.
I don't even get why you and India are competing to be the "leader of the global south". It's like aspiring to be the king of beggars.
Let’s see if you are right! But O think the post was about broad-based engagement between China and Africa, not just giving loans. There are other ways of engaging, like giving scholarships to African students, helping Africans develop their own indigenous technologies, encouraging Chinese businesses to invest in Africa (and vice versa). In general, seeking win-win opportunities, vs the Western model of engagement based on financial and economic hegemony.
Also bear in mind that financial profit isn’t all that matters. It may be OK to write off loans and/or extend repayment schedule if this helps strengthen relations with African countries and their people. China doesn’t view Africans with a capitalist mindset.
Hope this helps explain better the reasons for Chinese engagement with Africans. Of course, Africans must themselves be willing participants. If the West were to treat Africa with more respect, Africans can enjoy opportunities for cooperation with partners in the West too. But the West must let go of their hegemonic mindset.
A continent of victims don't want respect, they need someone to blame for their problems.
I don't claim to know the specifics of your financial system, but if business see a good opportunity to make money, they would have invested anyway.
I'm telling you the Chinese taxpayer is being taken for a ride just like the Western taxpayer was being screwed. But hey if you wanna waste for money for "strategic" reasons that's your loss.
Major trading partner with 150 major countries without foreign military bases tell a different story. It is ok to be critical but let's not fall in the trap of both sides are equally bad narrative.
How did you read this and think I'm saying the West or China are abusing Africans? I'm pointing out that Africa is taking the West and China for a ride. Are you illiterate or something?
What China is doing now is nothing new. In the late 19th and early 20th century American banks pushed out British financiers in Latin America because US was coming as an emerging power. Most of those investments went to shit and the countries went into debt default.
After WW2 the West tried this thing again with Latin America and Africa and again it ended with foreign default and/or debt forgiveness by the 80s and 90s. Then the leftists and nationalists came up with this whole debt trap diplomacy meme and created all this propaganda about the IMF.
When the World Bank was founded it didn't impose that many conditions on its loans because they thought of it as a violation of sovereignty. After the debt defaults they got blamed for the mismanagement of developing countries and hence comes the elaborate and ever expanding rules. At this point the World Bank and IMF are just glorified babysitters.
China is going down the same path with Africa. A bunch of them (even the promising ones like Ethiopia) have already defaulted and more are on the way. In the long run you won't actually win any brownie points with Africans. They will mostly blame you for their incompetence. There is going to be little to no strategic victory for you. It's going to be a subsidy for Chinese contractors and a loss for the Chinese taxpayer.
I don't even get why you and India are competing to be the "leader of the global south". It's like aspiring to be the king of beggars.
Let’s see if you are right! But O think the post was about broad-based engagement between China and Africa, not just giving loans. There are other ways of engaging, like giving scholarships to African students, helping Africans develop their own indigenous technologies, encouraging Chinese businesses to invest in Africa (and vice versa). In general, seeking win-win opportunities, vs the Western model of engagement based on financial and economic hegemony.
Also bear in mind that financial profit isn’t all that matters. It may be OK to write off loans and/or extend repayment schedule if this helps strengthen relations with African countries and their people. China doesn’t view Africans with a capitalist mindset.
Hope this helps explain better the reasons for Chinese engagement with Africans. Of course, Africans must themselves be willing participants. If the West were to treat Africa with more respect, Africans can enjoy opportunities for cooperation with partners in the West too. But the West must let go of their hegemonic mindset.
A continent of victims don't want respect, they need someone to blame for their problems.
I don't claim to know the specifics of your financial system, but if business see a good opportunity to make money, they would have invested anyway.
I'm telling you the Chinese taxpayer is being taken for a ride just like the Western taxpayer was being screwed. But hey if you wanna waste for money for "strategic" reasons that's your loss.
It’s great of you to acknowledge the limits of your knowledge. I admire your modesty!
Major trading partner with 150 major countries without foreign military bases tell a different story. It is ok to be critical but let's not fall in the trap of both sides are equally bad narrative.
How did you read this and think I'm saying the West or China are abusing Africans? I'm pointing out that Africa is taking the West and China for a ride. Are you illiterate or something?