China raises fears of 'new colonialism' with $60 billion investment across Africa

President Cyril Ramaphosa addresses a business breakfast in Beijing with business leaders

South Africa's President Cyril Ramaphosa, left, shakes hands with China's President Xi Jinping after his speech during the opening ceremony of the Forum on China-Africa Cooperation at the Great Hall of the People in Beijing September 3, 2018. The leaders "refute the view that a new colonialism is taking hold in Africa, as our detractors would have us believe", he told the forum.

"The rapid growth in Sino-African trade made China Africa's largest trading partner, he said".

But in a staunch defence of his signature belt and road plan, Xi said China was not pursuing "political self-interest" in its investments in Africa.

Some 300 companies account for the majority of China's business activity in Africa, but the region also has some 30,000 smaller Chinese firms that are of growing importance, said Francois Gamet, head of Standard Bank Group's Asian operation. Djibouti has become heavily dependent on Chinese financing after China opened its first overseas military base in the Horn of Africa country a year ago, a powerful signal of the continent's strategic importance to Beijing.

Chris Kiptoo, Principal Secretary for International Trade, said China already accounts for 25 per cent of Kenya's import bill under the current common external tariff structure of zero per cent, 10 per cent and 25 per cent for raw materials, intermediate goods and final goods respectively.

His new offer to Africa included an exemption on debt owed to the country by African states that was due to expire this year.

China's outreach to Africa aims to build trade, investment and political ties with a continent often seen as overlooked by the US and other Western nations.

He said an ideal Africa was one with a strong cultural identity, shared values and ethics - including a people-driven development path relying on the capability of its people.

He praised China for its "remarkable economic achievements" including that it lifted millions of its people out of poverty.

"I trust that the relationship between China and Africa will be passed on from generation to generation".

Beijing has poured billions in its Belt and Road initiative, a development and investment scheme focused on promoting trade connectivity that places China at the center.

He announced another financial support of $60b to the African continent for various sectors emphasising the need to help the youth whom he described as the future of a blossoming relationship between China and Africa.

IPhone XS event official, Huawei Mate 20 Pro teased and leaked
Mali-G76 utilises AI to intelligently identify gaming workloads and adjust resource allocation for optimal gaming performance. Because Huawei was first to announce the 7nm chip, the Kirin 980 does qualify as the world's first commercial 7nm processor.

He further disclosed that China will also get involved in governance and stay committed to the vision of consultation, cooperation and benefit for all in the global governance adding that his country reaffirms its commitment to peace, security, stability and development.

Xi said that future of cooperation should focus on young people and the initiatives that China would drive were created to help young people in Africa.

China also pledged it would train 200,000 technical personnel and provide 40,000 training opportunities for Africans in China.

He outlined a target of eight major initiatives in the next three years and beyond, including industrial promotion. He also flagged a China-Africa "green envoys programme" that would muscle Africa's capacity for environmental management, pollution prevention and control, as well as green development.

"The Forum, in which the Chinese and African leaders will exchange in-depth views on the development of China-Africa relations and worldwide and regional issues of common concern, has President Cyril Ramaphosa of South Africa, as the African co-chair", Xiaoliang said.

Cheng said huge potential also existed for more agricultural imports from Africa.

At a time when President Trump is picking trade fights with the United States' neighbors and allies, the Chinese leader has appeared to relish the opportunity to appear as a popular global statesman and champion of the liberal economic order.

"As it is, nearly all African countries have loans or grants from China, so it would make economic sense to repay in yuan", said MEFMI spokesperson Gladys Siwela-Jadagu.

Ramaphosa warned that the benefits of globalization have not been equally distributed between countries, resulting in a "fractured world where some powers are prone to unilateral and protectionist measures".

"No one isolating themselves in an island will have a future".

Speaking earlier at a business forum, Xi said China had to be careful about where money was spent.

Related news:

Hot News

isis-killer-beheading-video-story-top Italian GP: Lewis Hamilton passes Kimi Raikkonen to win thriller, Vettel fourth
Sep 02, 2018 - 18:56
Bottas is now 87 points behind Hamilton in the standings with eight races to go - and potentially 200 points still available. That left the race as a battle between Raikkonen and Hamilton , and they fought tooth and nail throughout.

isis-killer-beheading-video-story-top Homeless Good Samaritan Suing Couple Who Raised $400K To Help Him
Sep 02, 2018 - 18:29
The couple also bought Bobbitt a camper with some of the funds and parked it on land McClure's family owns in Florence. D'Amico reportedly told him he had to leave the property in June, so Bobbitt is homeless again.

isis-killer-beheading-video-story-top New York Yankees: Yankees acquire Andrew McCutchen
Sep 02, 2018 - 17:58
The Giants officially announced the trade of outfielder Andrew McCutchen to the New York Yankees on Friday morning. De Paula, 20, was at Class A Staten Island this seaso, going 2-2 with a 1.71 ERA in 10 appearances (nine starts).

isis-killer-beheading-video-story-top Bush, Michelle Obama celebrate BFF-status with candy pass during McCain service
Sep 02, 2018 - 15:47
She said her father taught her to be strong and resilient, and that he told her to "show them how tough you are" in her eulogy. In the photo, Cindy McCain was standing with her hand on her heart next to Bridget, Sidney and Meghan McCain .

isis-killer-beheading-video-story-top Sony's Xperia XZ3 with Android Pie, Curved OLED display gets launched
Sep 01, 2018 - 20:53
HDR stands for high dynamic range, and with X-Reality, Sony says that the XZ3 will "up-convert" SDR content to near-HDR. Sony is expected to take the wraps of the Xperia XZ3 at IFA 2018 , which is now being held in Berlin, Germany.

isis-killer-beheading-video-story-top Atlantic Hurricane Season Has Been Quiet:That's About to Change
Sep 01, 2018 - 20:40
It is still too early for specific details like: who will see the heaviest rain or whether it actually forms into a named system. Hurricane season ends November 30, but September 10 is historically the "peak" day for storm activity in the Atlantic.

isis-killer-beheading-video-story-top Puerto Rico's Hurricane Maria death toll hiked to 2,975
Aug 31, 2018 - 23:33
The National Hurricane Center said Hurricane Maria caused an estimated $90 billion damage in Puerto Rico and the U.S. It analyzed death certificates and other mortality data for six months from September 2017 through February 2018.

isis-killer-beheading-video-story-top Gillum calls on Federal Bureau of Investigation to tell voters he is not a target
Aug 31, 2018 - 22:45
One thing is certain: The Gillum-DeSantis race will be bitter, hard fought, and expensive - costing millions of dollars. The RGA is trying to showcase corruption problems with Tallahassee government-including an FBI investigation.

isis-killer-beheading-video-story-top LeBron James to Sit Front Row at Aretha Franklin's Funeral
Aug 31, 2018 - 17:44
Grande will be among entertainers Steve Wonder, Jennifer Hudson , Fantasia , Faith Hill , Shirley Caesar, Chaka Khan and more. The gold dress is the fourth outfit Franklin has worn during a week of events leading up to her funeral.

isis-killer-beheading-video-story-top England vs India, 4th Test: Hosts lose skipper Joe Root, 3 down
Aug 30, 2018 - 22:43
It's all very well mugging India at Lord's when it's damp and dark, but putting them in at Trent Bridge was a daft mistake. WICKET! Hardik Pandya removes Alastair Cook for 17 runs, thanks to a fantastic catch by captain Kohli bat third slip.

isis-killer-beheading-video-story-top This might be the first look at the Apple Watch Series 4
Aug 30, 2018 - 22:39
This year looks set to be no different with plenty of speculation around a new Apple Watch , AirPods and iPad devices. Rumor has it both the iPad Pro 10.5 and Pro 12.9 will get thinner bezels, Face ID and more streamlines bodies.

isis-killer-beheading-video-story-top Former Vice President Biden to lead memorial tribute to McCain
Aug 30, 2018 - 21:20
McCain's children then filed past the casket, including The View co-host Meghan McCain , who broke down and wept. Cindy McCain reportedly does not see herself as a political person, and uses her time to run family businesses.

isis-killer-beheading-video-story-top Toyota to Invest $500 Million in Uber
Aug 29, 2018 - 09:00
The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. It's unclear if Toyota will operate these autonomous vehicles or if another third-party, such as a fleet operator, will.

isis-killer-beheading-video-story-top Eden Hazard reveals fatigue after Chelsea FC’s win at Newcastle
Aug 29, 2018 - 08:45
As you can see, we do a lot of ball possession and try to press high. 'To make those players defend is not their strength, especially Eden.

India exclusive mobile payments app Google Tez re-branded to Google Pay
Aug 29, 2018 - 07:36
It's quite clear that the internet ecosystem is concerned with India as it is the next major frontier for major tech companies . The service supports 28 languages, including prominent Indian languages like Hindi, Bengali, Malayalam, Marathi, and Tamil.