Pub Date : 2019-04-15DOI: 10.1093/OSO/9780198830504.003.0003
Célestin Monga
The Chinese economy has become a multifaceted global public good. Even as China carefully and gradually rebalances its growth model from export-led to domestic consumption, it will also help address issues of global imbalances. Still, during that internal adjustment process, China will absorb increasingly large quantities of exports from around the world—including from developing countries that can strategically position themselves to competitively supply goods and services in light manufacturing and low-skilled industries which China dominated at earlier stages of its economic take-off. China’s industrial upgrading strategies, which reflect changes in its endowment structure, have defied mainstream economic prescriptions. The country’s stubbornness in designing and implementing steadfastly policy frameworks that identify potentially competitive industries and facilitate their emergence (while accounting for social and political constraints and realities) could provide useful blueprints for other developing countries. This chapter highlights several global externalities of China’s economy, and examines the opportunities and challenges they present. It also discusses some of China’s major macroeconomic risks and possible negative externalities to the world economy.
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Pub Date : 2019-04-15DOI: 10.1093/OSO/9780198830504.003.0015
Arkebe Oqubay, J. Lin
The chapter pulls together the underlying themes, analytical perspectives, and pathways to Africa’s economic transformation, and the catalytic role of Chinese investment and trade for Africa’s industrialization and long-term growth. It also reviews FOCAC VII (September 2018) as signalling latest directions in China–Africa economic ties for the coming years. Economic ties between China and Africa have made a significant contribution to the economic transformation of Africa; however, the outcomes of these engagements are characterized by unevenness and shifting dynamics across different countries. Hence there is a need for evidence-based productive discourse that puts Africa’s transformation at the heart of the dialogue on China–Africa economic ties in the context of a changing international environment. Variations in proactive strategic approach, policy ownership, and implementation capacity are major drivers of this disparity. This chapter highlights China as a source of learning and argues that deepening the economic ties (Chinese FDI towards building productive capacity, trade imbalances, debt sustainability and alternative mechanisms, and strengthening of FOCAC) can have an important role in the economic transformation of Africa.
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Pub Date : 2019-04-15DOI: 10.1093/OSO/9780198830504.003.0002
L. Yueh
China’s emergence as the world’s second-largest economy has transformed the world economy by creating a source of consumers as well as a place for production. As is consistent with becoming a major economy, China has become a net capital exporter, investing more abroad than it receives in inward foreign direct investment. The clearest manifestation of this outward investment is seen in the ‘Going Global’ policy for Chinese firms launched in the early 2000s and in the Belt and Road Initiative that began to invest in infrastructure overseas in 2013. The latter has significant implications for Africa as well as the Middle East, eastern parts of Europe, and South-east and Central Asia. This chapter explores the drivers of China’s emergence as an economic superpower and analyzes its wider potential impact, including on sub-Saharan Africa’s economic development, notably in respect of Chinese infrastructure investment in Kenya.
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Pub Date : 2019-04-15DOI: 10.1093/OSO/9780198830504.003.0007
D. Brautigam
This chapter explores Chinese loan finance in Africa and its relevance for Africa’s economic modernization and structural transformation between 1960 and 2016. Drawing on an original database of Chinese loan finance China–Africa Research Initiative at Johns Hopkins University’s School of Advanced International Studies (SAIS-CARI), the chapter begins by outlining the changing actors involved in lending from China and the different kinds of loan instrument. It then examines the sectors in which Chinese lending clusters, shedding light on the degree to which African borrowers use these loans directly or indirectly to support structural transformation projects in industrialization and agro-finance, and related infrastructure. The chapter pays special attention to the modalities of structuring loan finance and providing guarantees of repayment in risky environments when many countries have only recently emerged from a long debt crisis. Finally, it considers concern over rising debt levels in a number of African countries.
本章探讨1960年至2016年间中国在非洲的贷款融资及其与非洲经济现代化和结构转型的相关性。根据约翰霍普金斯大学高级国际研究学院(SAIS-CARI)的中国贷款融资中非研究倡议(China - africa Research Initiative)的原始数据库，本章首先概述了中国贷款和不同类型贷款工具中不断变化的参与者。然后，它考察了中国贷款集中的行业，揭示了非洲借款人直接或间接利用这些贷款支持工业化、农业金融和相关基础设施的结构转型项目的程度。本章特别关注在许多国家最近才摆脱长期债务危机的危险环境中安排贷款融资和提供还款担保的方式。最后，它考虑到对一些非洲国家不断上升的债务水平的担忧。
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Pub Date : 2019-04-15DOI: 10.1093/OSO/9780198830504.003.0006
I. Taylor
Chinese policy towards Africa is mediated through an array of different actors and institutions, which complicates the ability of Beijing to see through specific policy pronouncements. Liberalization has seen a plethora of agencies and companies engaging with the continent, and while China has official policies, different interests and dynamics within the official structures may frustrate the smooth delivery of such goals. A study of the institutional framework demonstrates that China is by no means a unitary actor, and contrary to popular belief, what happens on the ground in Africa may not necessarily reflect the official Chinese position. Despite this, China is routinely blamed if something negative occurs. This problem is compounded by an asymmetry in the Sino-African relationship and the fact that Chinese officials will not admit that they are not fully in control of matters.
{"title":"The Institutional Framework of Sino-African Relations","authors":"I. Taylor","doi":"10.1093/OSO/9780198830504.003.0006","DOIUrl":"https://doi.org/10.1093/OSO/9780198830504.003.0006","url":null,"abstract":"Chinese policy towards Africa is mediated through an array of different actors and institutions, which complicates the ability of Beijing to see through specific policy pronouncements. Liberalization has seen a plethora of agencies and companies engaging with the continent, and while China has official policies, different interests and dynamics within the official structures may frustrate the smooth delivery of such goals. A study of the institutional framework demonstrates that China is by no means a unitary actor, and contrary to popular belief, what happens on the ground in Africa may not necessarily reflect the official Chinese position. Despite this, China is routinely blamed if something negative occurs. This problem is compounded by an asymmetry in the Sino-African relationship and the fact that Chinese officials will not admit that they are not fully in control of matters.","PeriodicalId":409088,"journal":{"name":"China-Africa and an Economic Transformation","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133309266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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