Chinese investment fuels African development

The rapid increase of China's investments in Africa is not only a fruit of the long-standing friendship between China and Africa but also the result of objective economic laws. To ignore the mutually beneficial cooperation that now occurs between China and Africa and to simply make irresponsible remarks will only lead people to wonder if Washington truly cares about Africa's development, according to an article in People's Daily. Excerpts:

In recent years, with the comprehensive development of the China-Africa new strategic partnership, China's investments in Africa have increased by leaps and bounds. By 2011, China's total direct investment in Africa amounted to more than $15 billion, helping pay for projects in 50 African countries. More than 2,000 Chinese enterprises have invested in Africa.

Both African countries and those who truly care about Africa's development have shown a general appreciation for China's investments in Africa. Even so, some Western politicians and media have tended to make irresponsible remarks about the relationship that China and Africa have with one another and have tried to mislead the people and disrupt that cooperation.

On Aug 1, US Secretary of State Hillary Clinton, during a trip to Africa, told a university audience in the West African country of Senegal that the US is committed to a model of sustainable partnership that adds value to Africa, rather than extracts it, and that African leaders should work closely with responsible countries outside the continent. Washington is extremely worried about China's rising influence in Africa and is trying to change its strategies in order to counterbalance it.

In recent years, both China and Africa have had fast economic growth. China's advantages in financing, advanced industries and technical equipment can complement to the fullest extent Africa's resources, market potential and low labor costs.

China's investments in Africa are meant to strengthen Africa's capacity for independent development. Placing a priority on investing in Africa's infrastructure development helps support long-term economic development in Africa.

China's investments in Africa, which accord with Africa's goals and concerns, have been met with appreciation and trust from most African countries.

Furthering the cooperation between China and Africa has brought the continent enormous development opportunities. At the 2011 Davos World Economic Forum, Mthuli Ncube, African development bank chief economist, said Chinese investments, taken on whole, are beneficial and that Africa welcomes Chinese investments.

To promote the sustainable development of the continent, China will continue to work more closely with Africa on investing and financing.