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Qualitative research tends to report on the negative repercussions of Chinese investment — mainly that it is resource focused, associated with authoritarian states, and isolated from local economies. The increasing focus on productive sectors in high-growth countries suggests that there could be opportunities for Chinese investment to create jobs, supply local markets and create linkages and knowledge spillovers to local firms.
A new strand of research Brautigam et al. Oxford University Press. Comments will be held for moderation. Your email address will not be published. Click here to cancel reply. Time limit is exhausted. Follow us. Directed by. Agricultural technology Economics of Ebola Election debates Increasing foreign investment Industrialisation in Africa Management matters Prepaid electricity Public sector workers Reducing pollution Seasonal migration Tax collection Ultra-poor Women in the workforce.
Call for proposals — How to apply. Future events Past events. Projects Publications. This is comparable to the investment ratio of major developed markets. For example, the United States and Germany invested Other sources of financing have been relatively limited. The weak legal and institutional framework and immature local equity markets also challenge investors.
Most funded projects are in the Transport, Shipping and Ports sectors Since then China has carefully set out and implemented three-year Africa engagement plans. To date China has participated in over African infrastructure projects. Chinese enterprises have completed and are building projects that are designed to help add to or upgrade about 30,km of highways, 2,km of railways, 85 million tonnes per year of port throughput capacity, more than nine million tonnes per day of clean water treatment capacity, about 20,MW of power generation capacity, and more than 30,km of transmission and transformation lines.
Chinese financing for infrastructure projects has come mainly from two policy banks: China Exim Bank provided 67 per cent of the total loans between and , and China Development Bank 13 per cent. This included a number of larger transport and energy deals. Part of the attractiveness of Chinese finance is that the loans are offered at subsidised and relatively low interest rates 14 and with a maturity of 15 years or more.
China Exim Bank is an export credit agency, rather than a development agency. It offers loans on a bilateral basis and evaluates the level of concession taking into account the nature of the projects. Other sources of Chinese finance have also emerged over the past decade. However, infrastructure investments, coupled with the establishment of Special Economic Zones SEZs in a number of African countries, could encourage positive spill-overs and unlock economic potential in value-adding industries across the continent.
First announced by President Xi in , the BRI is a transcontinental development project that seeks to improve connectivity between Asia, Europe, and Africa, and ultimately increase trade and connectivity, development and prosperity along economic corridors. It consists of two parts. So far countries and international associations have signed documents under the auspices of the BRI.
More than 82 trade cooperation zones have been established, which in turn have created , jobs for host countries. Chinese construction firms and state-owned enterprises SOEs are moving their excess capacity offshore, having accumulated knowledge and an experienced workforce building infrastructure in the domestic market. Although countries in East and also North Africa have been the largest recipients of Chinese investment to date, West and Southern African countries have also signed cooperation agreements under the BRI.
Of strategic importance to East Africa is the construction of railway lines linking the hinterland of the region to coastal ports. In addition to the port, the Djibouti multipurpose free trade zone is financed by China. Chinese firms have also been active in planning and rehabilitating port infrastructure along the East African coastline. The intention is to extend the railway to Kampala, the Ugandan capital, and then south to Kigali in Rwanda.
Plans to build a second canal and new terminals at the port of Alexandria are moving forward. The extra capacity should help to revitalise the Egyptian economy. Improving connectivity and logistics is important for promoting African goods and commodity exports, which can thereby help African countries to integrate more fully into global value chains. According to the World Bank, a 1 per cent reduction in trade costs is likely to increase bilateral trade between economies that participate in the BRI projects by 1.
As BRI projects are favoured in terms of accessing loans from China Exim Bank, these projects are likely to receive faster approval and realisation than other Chinese-funded infrastructure projects in Africa. Furthermore, BRI-led projects carry social currency, as industrial estates and economic cooperation zones have proven in Kenya and Ethiopia.
These zones have been able to raise their profile under this initiative. But abundant Chinese funds at a time when African countries are looking for alternative sources of development finance, and the global appetite and capacity of Chinese construction firms, could be a win-win combination for China and Africa. The authors would like to thank Nhlanhla Ngulube for providing research assistance for this article.
View in article. Furthermore, closing the infrastructure gap relative to global best performers could see the growth effect increase GDP per capita by 2. Chen and C. Every stage in the infrastructure and capital project life cycle poses unique challenges and calls for distinct measures.
Deloitte member firms are at the forefront of the sector around the world, advising on many of the largest PPPs, delivering capital projects from strategy until execution and in line with policy developments. Our expertise ranges from assisting clients in financing and procurement, digitisation in capital projects, strategy and planning and programme delivery to operational readiness as well as governance and risk management. Access to the global network of Deloitte member firms enables us to harness international leading practices together with in-depth local knowledge for the development of innovative pathfinder projects, raising finance and facilitating maximum value from public infrastructure assets.
As an infrastructure and public-private partnership specialist, Jean-Pierre has been involved in various projects, identifying and leading teams of specialists, setting the strategic direction and managing implementation. He has worked on projects across a number of other countries on the African continent, as well as South Korea and Israel. Marais joined Deloitte Africa in through acquisition, after being a founding member of Frontier Advisory. See something interesting? Simply select text and choose how to share it:.
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It indicates a way to close an interaction, or dismiss a notification. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. Log In. World globe An icon of the world globe, indicating different international options. A leading-edge research firm focused on digital transformation. Mamta Badkar. Loading Something is loading. Email address. Thus, it is fair to say that China is catching up in accumulating outward FDI into Africa to a level which is commensurate with its economic size and long-term political ties with the African region.
In fact, China is the only one of the three blocs that has seen continuous net positive flow into Africa in each of the past three years. While greenfield investment does include manufacturing, especially textile, it still remains quite concentrated in transport infrastructure and resources Chart 5. On this basis, it is not surprising that that the job creation of Chinese FDI into Africa through greenfield investment due to data availability is lower on average only 1.
This, in itself, could be one of the key problems that China may be facing when continuing to invest in Africa in the future. For such inward FDI to be welcome, and thus sustainable, its nature will need to change so as to create more jobs. In other words, for China to be successful in its investment strategy in Africa, it will need to move from focusing its investment in natural resources and infrastructure to manufacturing, which is more labour-intensive.
Besides this, the EU continues to be a larger greenfield investor. China, however, clearly stands out as a lender, particularly in project finance. These trends are surely important to watch for European companies aiming at competing in the African market. Bruegel considers itself a public good and takes no institutional standpoint. Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post.
With the arrival of a new US administration and the central role of China in the bloc, the EU needs to outline an Asian commercial strategy that reconciles the importance of China and the transatlantic relationship. How can we ensure fair competition between European firms and Chinese state-backed players? How could we achieve a trilateral relationship between China, the EU and the US and consolidate it with climate goals?
China is no doubt bound to benefit, but other members of the regional trade pact may benefit even more. With the Biden administration, there might be a difference in style, rather than a difference in trends. A new plan to tackle foreign subsidies would empower the European Commission to investigate foreign investments in the European Union, with Chinese investment particularly in the spotlight. This increased scrutiny could deter some investors. Overall however, fairer competition is worth some lost opportunities.
A look into the intermediary role of Hong Kong in financing cross-border Belt and Road Initiative projects and compare it with Singapore, a similar offshore financial center and competitor. For all Beijing's ambitions of cracking the hegemony of the US dollar in the face of Trump administration sanctions, the yuan still has a long way to go.
An attempt merely to restore the pre-Trump status quo would fail to address major challenges; the task ahead is one of rebuilding, rather than repair. It should start with a clear identification of the problems that the international system must tackle.