An international relations expert, Charles Kolawole, has given reasons why the second biggest economy in the world, China is massively investing in Africa saying that China will continue to maintain strategic role in Africa over a longer period of time.
In a presentation at the University of Ilorin Post-graduate School, Kolawole explained that china’s commitment to a win win solution to development challenges in African will continue to attract the continents and its leaders to proposals from China especially when all nations appear to be in a rat race for increased resource flow.
In his words: “strengthening international industrial cooperation is an important part of building the new-type international relations featuring win-win cooperation.
In contrast to cold-war confrontation and zero-sum game practiced by certain major countries, China has been committed to a win-win strategy of opening-up and pursues win-win cooperation in political, economic, security, cultural and every other aspect of international cooperation. International industrial cooperation will help promote the free flow of resources, market integration and extensive sharing of the progress of development.
” It is an effective way to change the status quo of unbalanced development and unfair resource allocation in the world. As the largest developing country, China has the capabilities to provide impetus for the development of other developing countries,esp, African countries.
“The work with other countries will achieve complementarity of advantages through industrial cooperation, and together make world economic governance more open, balanced, reasonable and inclusive and build a community of shared destiny and common interests among all.”
Kolawole, whose paper was titled interrogating China’s Economy, said Africa and China must continue to seek mutual economic interest through “On the one hand, whereas China seeks resources to power its growing and expansive industrial base, it is also looking to establish a market for its products and services, while Africa is endeavoring to generate income to finance its poverty alleviation efforts, promote domestic consumption and support industrialization to underpin economic development.
“In addition, China has abundant capital and foreign reserves and will make overseas investment of over US$650 billion in the next five years which will provide strong financial support for China’s industrial global effort.
“Given these factors many developing countries are looking to have cooperation with China in production capacity and there is considerable space and opportunity for such cooperation,” he added.
On the sustaining power of China as a global player, Kolawole said Chinese future remain bright with the current direction of policies in the transportation, education and foreign trade. “What of the future? China’s economic prospects appear strong. Rapid diffusion of education will further improve its already impressive pool of human resources. Entrepreneurship flourishes despite remaining barriers to the expansion of private business.”
With public interest in socialist ideology notably absent, China’s political elites understand that continued economic growth is essential to maintaining their own power; their focus on development is therefore intense. Manufacturing, the largest and strongest sector of China’s economy, seems poised for further upgrading, which will benefit from enlarged flows of college graduates, domestic R&D activity, and new ideas from China’s growing portfolio of international investments.
Though, this relation may still need to test its rigour, Kolawole says Sino- African relationship has begun to challenge the notion promoted by the west that global stability can be achieved through the creation of normative consensus across states on matters of domestic policy. For him, Mao Tse tungs call to “let a hundred flowers blossom and a hundred schools of thought to contend” is finding traction in China’s approach to Africa.