Chinese investment fuels African economies
There’s a glimmer of light at the end of the tunnel caused by the global markets crash. Thanks to China’s demand for raw materials, the most populous country in the world will help all of Africa’s economies out of a slump this year - with the exception of South Africa. Africa exports a million barrels of oil a day to China, making up 25% of its foreign energy supplies, according to emerging market investment strategist Frontier Advisory. It seems by giving the Chinese wide access to African resources, the continent’s leaders are raising investment in sectors that other countries block. China is Africa’s biggest trading partner and Chinese state enterprises benefit from their links to state banks. But private Chinese entrepreneurs have also seen the continent as a gold mine, and are here in droves.
Read more: Reuters