[🇨🇳] China----News & Views

[Saif]

A new era in China-Africa cooperation

AS THE 2024 Summit of the Forum on China-Africa Cooperation approaches, the stage is set for a new chapter in Sino-African relations. From September 4 to 6, Beijing will host this pivotal gathering, where strategic partnerships between China and Africa are expected to deepen significantly. For...

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A new era in China-Africa cooperation
Imran Khalid 01 September, 2024, 00:00

A motorist rides past a sign of the Forum on China-Africa Cooperation, scheduled to be held in September 4-6, in Beijing on August 30. | Agence France-Presse/Adek Berry

AS THE 2024 Summit of the Forum on China-Africa Cooperation approaches, the stage is set for a new chapter in Sino-African relations. From September 4 to 6, Beijing will host this pivotal gathering, where strategic partnerships between China and Africa are expected to deepen significantly. For China, this summit is more than a diplomatic event. It is a commitment to fostering long-term relationships that promote shared prosperity and address global challenges.

Observers across the African continent view this summit as a crucial opportunity to tackle significant issues, particularly the continent’s infrastructure funding gap, estimated by the African Development Bank to range between $130 billion and $170 billion annually. As Africa’s largest trading partner, China sees this partnership as essential not only for mutual benefits but also for the broader goal of sustainable development.

The summit will likely prioritise cooperation in education, infrastructure, healthcare and technology where collaboration can drive growth and innovation. African nations are keenly awaiting concrete commitments and actionable plans that translate into real progress. The outcomes of this summit could well shape the trajectory of Sino-African relations for years to come.

The Forum on China-Africa Cooperation, established in Beijing in October 2000, marked a moment in the relationship between China and Africa. Over the years, the forum has evolved into the bedrock of a lasting partnership, celebrated for its emphasis on practical, results-driven collaboration. From China’s perspective, this framework is a testament to its commitment to Africa’s sustainable development, focusing on infrastructure, human resource development and governance exchanges.

China’s journey over the past seven decades, characterised by innovation and progressive reforms, has not gone unnoticed by Africa. This model has increasingly resonated with global south countries, which see in China’s experience a roadmap for their own development. For China, the forum is not just diplomacy. It is a strategic alliance that reflects a mutual aspiration for progress. By fostering innovation and tailoring development strategies to unique contexts, this partnership offers a vision for a more interconnected and prosperous future.

China’s growing confidence on the global stage is deeply intertwined with its foreign policy objectives, particularly in fostering stronger ties with the global south. At the heart of this effort is the Forum on China-Africa Cooperation, a platform designed to elevate the traditional bond between Africa and China into a comprehensive, mutually beneficial partnership. Since its establishment, the forum has been instrumental in transforming rhetoric into action, delivering tangible benefits that resonate across both regions.

Between 2000 and 2023, Chinese lenders extended 1,306 loans worth $182.28 billion to 49 African governments and seven regional borrowers. Notably, 2023 saw a resurgence in Chinese lending with 13 new commitments totalling $4.61 billion across eight countries and two regional financial institutions. This marks the first increase in annual loan amounts to Africa since 2016 although it remains significantly below the high-water mark of the early Belt and Road Initiative years, when annual commitments exceeded $10 billion.

As China recalibrates its financial engagement with Africa, this uptick reflects a cautious revival of its investment strategy, signalling a strategic adjustment amid evolving global economic conditions. This strategic approach not only cements China’s role as a pivotal player in global development but also paves the way for deeper cooperation in the future.

In his 2021 FOCAC address in Dakar, Chinese president Xi Jinping charted a bold new course for China-Africa relations, resonating deeply with African leaders and citizens alike. His speech unveiled an ambitious blueprint for future collaboration, signaling China’s unwavering commitment to strengthening ties between the two regions. The Dakar conference resulted in a robust economic cooperation plan, skillfully attuned to the evolving dynamics of the global economy.

At the heart of this initiative lies the ‘China and Africa Vision 2035’, a strategic framework designed to bolster bilateral cooperation across key sectors. This vision prioritises health, poverty alleviation, agriculture, trade, digital innovation, green development, capacity building, cultural exchanges and peace and security.

Since the Dakar summit, notable progress has been made in these areas, with continued momentum expected as the forum’s agenda advances in Beijing. The Vision 2035 plan not only underscores China’s dedication to a mutually beneficial partnership but also reflects a broader strategy to navigate global economic shifts while promoting sustainable development.

Since the launch of the Belt and Road Initiative in 2013, Africa has reaped substantial benefits, largely driven by the active participation of Chinese private enterprises. These companies have emerged as pivotal players in forging a China-Africa community with a shared future, injecting much-needed momentum into the continent’s development. China’s strategy centres on infrastructure development, capital infusion and deploying skilled labor to dismantle growth barriers for African nations.

The impact is undeniable. In the past decade, China has enabled the construction of more than 6,000 kilometres of railways, 6,000 kilometres of road and nearly 20 ports across Africa. Landmark projects such as Kenya’s Standard Gauge Railway and the Addis Ababa-Djibouti Railway have not only enhanced Africa’s economic potential but also significantly strengthened regional connectivity, positioning the continent for sustained growth in the years to come.

As African nations convene for the forthcoming summit, the trajectory of the China-Africa partnership warrants thoughtful reflection. The Forum on China-Africa Cooperation has long served as the cornerstone of this relationship, providing a critical platform for policy alignment and joint initiatives. Meeting every three years, the forum has consistently delivered on substantial financial commitments, highlighted by a $40 billion pledge at the 2021 summit, aimed at bolstering infrastructure, agriculture, and manufacturing across Africa. The forum’s effectiveness is undeniable, with $155 billion of the $191 billion in promised loans implemented between 2006 and 2021.

Yet, this year’s summit unfolds in a challenging global landscape, marked by rising resistance to China from a US-led coalition. At the same time, Chinese companies have significantly impacted Africa’s energy sector, installing over 25GW of generation capacity, which represents more than 15 per cent of sub-Saharan Africa’s total. These investments have bolstered the region’s power infrastructure. This performance underscores the complexity of integrating large-scale Chinese energy projects into diverse African markets, highlighting both the substantial contributions.

In China’s grand global strategy, Africa’s economic value is evident, but its geopolitical importance is rapidly increasing. As Beijing strengthens economic ties with the continent, it simultaneously secures vital support in international forums, enhancing China’s ability to influence global diplomacy and security. This backing is crucial as China aims to challenge and redefine a world order it views as biased.

The 2024 summit, themed ‘Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future’, is poised to deepen these connections. This approach aligns with China’s broader geopolitical ambitions, potentially ushering in a new era of cooperation. If executed effectively, FOCAC could foster a sustainable and mutually beneficial partnership, reinforcing China’s strategic positioning on the global stage.​

 

[Saif]

African leaders in Beijing eyeing big loans, investment

African leaders descend on China’s capital this week, seeking funds for big-ticket infrastructure projects as they eye mounting great power competition over resources and influence on the continent...

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African leaders in Beijing eyeing big loans, investment
Agence France-Presse . Beijing 01 September, 2024, 22:29

African leaders descend on China’s capital this week, seeking funds for big-ticket infrastructure projects as they eye mounting great power competition over resources and influence on the continent.

China has expanded ties with African nations in the past decade, furnishing them with billions in loans that have helped build infrastructure but also sometimes stoked controversy by saddling countries with huge debts.

China has sent hundreds of thousands of workers to Africa to build its megaprojects, while tapping the continent’s vast natural resources including copper, gold, lithium and rare earth minerals.

Beijing has said this week’s China-Africa forum will be its largest diplomatic event since the Covid pandemic, with leaders of South Africa, Nigeria, Kenya and other nations confirmed to attend and dozens of delegations expected.

African countries were ‘looking to tap the opportunities in China for growth’, Ovigwe Eguegu, a policy analyst at consultancy Development Reimagined, told AFP.

China, the world’s number two economy, is Africa’s largest trading partner, with bilateral trade hitting $167.8 billion in the first half of this year, according to Chinese state media.

Beijing’s loans to African nations last year were their highest in five years, research by the Chinese Loans to Africa Database found. Top borrowers were Angola, Ethiopia, Egypt, Nigeria and Kenya.

But analysts said an economic slowdown in China has made Beijing increasingly reluctant to shell out big sums.

China has also resisted offering debt relief, even as some African nations have struggled to repay their loans — in some cases being forced to slash spending on vital public services.

Since the last China-Africa forum six years ago, ‘the world experienced a lot of changes, including Covid, geopolitical tension and now these economic challenges’, Tang Xiaoyang of Beijing’s Tsinghua University told AFP.

The ‘old model’ of loans for ‘large infrastructure and very rapid industrialisation’ is simply no longer feasible, he said.

The continent is a key node in Beijing’s Belt and Road Initiative, a massive infrastructure project and central pillar of Xi Jinping’s bid to expand China’s clout overseas.

The BRI has channelled much-needed investment to African countries for projects like railways, ports and hydroelectric plants.

But critics charge Beijing with saddling nations with debt and funding infrastructure projects that damage the environment.

One controversial project in Kenya, a $5 billion railway — built with finance from Exim Bank of China — connects the capital Nairobi with the port city of Mombasa.

But a second phase meant to continue the line to Uganda never materialised, as both countries struggled to repay BRI debts.

Kenya’s president William Ruto last year asked China for a $1 billion loan and the restructuring of existing debt to complete other stalled BRI projects.

The country now owes China more than $8 billion.

Recent deadly protests in Kenya were triggered by the government’s need ‘to service its debt burden to international creditors, including China’, said Alex Vines, head of the Africa Programme at London’s Chatham House.

In light of such events, Vines and other analysts expect African leaders at this week’s forum to seek not only more Chinese investment but also more favourable loans.

In central Africa, Western and Chinese firms are racing to secure access to rare minerals.

The continent has rich deposits of manganese, cobalt, nickel and lithium — crucial for renewable energy technology.

The Moanda region of Gabon alone contains as much as a quarter of known global reserves of manganese, and South Africa accounts for 37 per cent of global output of the metal.

Cobalt mining is dominated by the Democratic Republic of Congo, which accounts for 70 per cent of the world total. But in terms of processing, China is the leader, at 50 per cent.

Mounting geopolitical tensions between the United States and China, which are clashing over everything from the status of self-ruled Taiwan to trade, also weigh on Africa.

Washington has warned against what it sees as Beijing’s malign influence.

In 2022, the White House said China sought to ‘advance its own narrow commercial and geopolitical interests (and) undermine transparency and openness’.

Beijing insists it does not want a new cold war with Washington but rather seeks ‘win-win’ cooperation, promoting development while profiting from boosted trade.

‘We do not just give aid, give them help,’ Tsinghua University’s Tang said.

‘We are just partners with you while you are developing. We are also benefiting from it.’

But analysts fear African nations could be forced to pick sides.

‘African countries lack leverage against China,’ Development Reimagined’s Eguegu said.

‘Some people... think you can use the US to balance China,’ he said. ‘You cannot.’​

 

[Saif]

Xi hosts two dozen African leaders at China’s biggest summit in years

Chinese president Xi Jinping hosted more than two dozen African leaders at a banquet in Beijing on Wednesday, kicking off the city’s biggest summit in years with promises of cooperation in infrastructure, energy and education...

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Xi hosts two dozen African leaders at China’s biggest summit in years
Agence France-Presse . Beijing 04 September, 2024, 21:44

Chinese president Xi Jinping hosted more than two dozen African leaders at a banquet in Beijing on Wednesday, kicking off the city’s biggest summit in years with promises of cooperation in infrastructure, energy and education.

China, the world’s number two economy, is Africa’s largest trading partner and has sought to tap the continent’s vast troves of natural resources including copper, gold, lithium and rare earth minerals.

It has also furnished African countries with billions in loans that have helped build much-needed infrastructure but also sometimes stoked controversy by saddling governments with huge debts.

Twenty-five African leaders have arrived in Beijing or confirmed attendance at this week’s China-Africa forum, according to an AFP tally, including some whose countries face a rising risk of debt distress.

Xi and his wife Peng Liyuan welcomed guests as they arrived for a lavish dinner at the Great Hall of the People on Wednesday evening, live AFP footage showed.

There was also a ‘family’ photo of the gathered leaders and Xi will give a speech at an opening ceremony on Thursday morning.

Chinese state media has lauded Xi this week as a ‘true friend of Africa’, claiming Beijing’s ties were reaching ‘new heights’ under his stewardship.

The Chinese leader had held talks with more than a dozen African counterparts in Beijing by Wednesday, a tally of state media reporting showed.

Xi called during a meeting on Tuesday with president Bola Tinubu of Nigeria — one of China’s biggest borrowers on the continent — for great cooperation in the ‘development of infrastructure, energy and mineral resources’, state news agency Xinhua said.

He also promised cooperation in ‘investment, trade, infrastructure, mineral resources’ and other areas during talks on the same day with Zimbabwean president Emmerson Mnangagwa.

Xi backed Zimbabwe in its struggle against ‘illegal sanctions’ imposed by the United States in response to corruption and human rights abuses by the country’s leadership.

Analysts say that Beijing’s largesse towards Africa is being recalibrated in the face of economic trouble at home and that geopolitical concerns over a growing tussle with the United States may increasingly be driving policy.

‘Deepening economic engagement with Africa across the board’ is one of Beijing’s key goals this week, Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, said.

‘In specific areas, even where such an expanded engagement may not make economic sense, it will be driven by geopolitical reasons,’ she said.

One goal may be narrowing the growing trade imbalance between China and Africa through increasing imports of agricultural goods and processed minerals, Usman said.

‘Meeting these African demands is in China’s geopolitical interest to keep them onside in the tussle with the US.’

For their part, African leaders are likely to seek backing for big-ticket items, as they have in the past, but also place greater emphasis on debt sustainability, analysts say.

Recent deadly protests in Kenya were triggered by the government’s need ‘to service its debt burden to international creditors, including China’, said Alex Vines, head of the Africa Programme at London’s Chatham House.

Vines and other analysts expect African leaders at this week’s forum to seek not only more Chinese investment but also more favourable loans in light of such events.​

 

[Saif]

China unveils fresh stimulus to boost ailing economy

China unveiled some of its boldest measures in years on Tuesday aimed at boosting its struggling economy as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressure and high youth unemployment.

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China unveils fresh stimulus to boost ailing economy

A woman checks shoes for sale in a shopping area of Beijing. On Tuesday, China’s central bank chief Pan Gongsheng said that they would cut a slew of rates in a bid to boost growth. Photo: AFP/FILE

China unveiled some of its boldest measures in years on Tuesday aimed at boosting its struggling economy as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressure and high youth unemployment.

The world's second-largest economy has yet to achieve a highly anticipated post-pandemic recovery and the government has set a goal of five percent growth in 2024 -- an objective analysts say is optimistic given the headwinds it is facing.

On Tuesday, central bank chief Pan Gongsheng told a news conference in Beijing that it would cut a slew of rates in a bid to boost growth, pledging to "promote the expansion of consumption and investment".

The moves represent "the most significant... stimulus package since the early days of the pandemic", said Julian Evans-Pritchard, head of China economics at Capital Economics.

But "it may not be enough", he warned, adding a full economic recovery would "require more substantial fiscal support than the modest pick-up in government spending that's currently in the pipeline".

Among the measures unveiled Tuesday was a cut to the reserve requirement ratio (RRR), which dictates the amount of cash banks must hold in reserve.

The move will inject around a trillion yuan ($141.7 billion) in "long-term liquidity" into the financial market, Pan said.

Beijing would also "lower the interest rates of existing mortgage loans", he added.

The decision would benefit 150 million people across the country, Pan said, and lower "the average annual household interest bill by about 150 billion yuan".

Minimum down payments for first and second homes would be "unified", with the latter reduced from 25 to 15 percent, Pan said.

And Beijing will create a "swap programme" allowing firms to acquire liquidity from the central bank, Pan said, a move he said would "significantly enhance" their ability to access funds to buy stocks.

"The initial scale of the swap programme will be set at 500 billion yuan, with possible expansions in the future," Pan said.

Shares in Hong Kong and Shanghai surged more than four percent Tuesday.

But Heron Lim at Moody's Analytics said the move was expected given gloomy economic data in recent months suggesting Beijing could miss its 2024 growth target.

"But this is hardly a bazooka stimulus," he told AFP.

"Far more monetary easing and a stronger government stimulus is also desirable to finish bailing out the real estate market and inject more confidence into the economy," he said.

At a minimum, he added, "broader direct household support in helping them consume more goods will be useful, which is currently just too narrowly designed for industrial goods".

Another analyst said the "measures are a step in the right direction".

"We continue to believe that there is still room for further easing in the months ahead," said Lynn Song, chief economist for Greater China at ING.

Property and construction have long accounted for more than a quarter of China's gross domestic product, but the sector has been under unprecedented strain since 2020, when authorities tightened developers' access to credit in a bid to reduce mounting debt.

Since then, major companies including China Evergrande and Country Garden have teetered, while falling prices have dissuaded consumers from investing in property.

Beijing has unveiled a number of measures aimed at boosting the sector, including cutting the minimum down payment rate for first-time homebuyers and suggesting the government could buy up commercial real estate.

But those failed to boost confidence and housing prices have continued to slide.

Adding further strain, local authorities in China face a ballooning debt burden of $5.6 trillion, according to the central government, raising worries about wider economic stability.

Speaking alongside the central bank chief Tuesday, Li Yunze, director of the National Administration of Financial Regulation, said Beijing would "actively cooperate in resolving real estate and local government debt risks".

"China's financial industry, especially large financial institutions, is operating stably and risks are controllable," he insisted.

"We will firmly maintain the bottom line of preventing systemic financial risks," he added.​

 

[Saif]

China to build world's largest hydropower dam in Tibet

China has approved the construction of what will be the world's largest hydropower dam, kicking off an ambitious project on the eastern rim of the Tibetan plateau that could affect millions downstream in India and Bangladesh.The dam, which will be located in the lower reaches of the Yarlung Zangbo

thefinancialexpress.com.bd

China to build world's largest hydropower dam in Tibet
Published :
Dec 26, 2024 12:12
Updated :
Dec 26, 2024 12:12

A man sits in a boat on the waters of the Brahmaputra river near the international border between India and Bangladesh in Dhubri district, in the northeastern state of Assam, India August 4, 2018. REUTERS/Adnan Abidi/File Photo

China has approved the construction of what will be the world's largest hydropower dam, kicking off an ambitious project on the eastern rim of the Tibetan plateau that could affect millions downstream in India and Bangladesh.

The dam, which will be located in the lower reaches of the Yarlung Zangbo River, could produce 300 billion kilowatt-hours of electricity annually, according to an estimate provided by the Power construction Corp of China in 2020.

That would more than triple the 88.2 billion kWh designed capacity of the Three Gorges Dam, currently the world's largest, in central China.

The project will play a major role in meeting China's carbon peaking and carbon neutrality goals, stimulate related industries such as engineering, and create jobs in Tibet, the official Xinhua news agency reported on Wednesday.

A section of the Yarlung Zangbo falls a dramatic 2,000 metres (6,561 feet) within a short span of 50 km (31 miles), offering huge hydropower potential as well as unique engineering challenges.

The outlay for building the dam, including engineering costs, is also expected to eclipse the Three Gorges dam, which cost 254.2 billion yuan($34.83 billion). This included the resettling of the 1.4 million people it displaced and was more than four times the initial estimate of 57 billion yuan.
Authorities have not indicated how many people the Tibet project would displace and how it would affect the local ecosystem, one of the richest and most diverse on the plateau.

But according to Chinese officials, hydropower projects in Tibet, which they say hold more than a third of China's hydroelectric power potential, would not have a major impact on the environment or on downstream water supplies.

India and Bangladesh have nevertheless raised concerns about the dam, with the project potentially altering not only the local ecology but also the flow and course of the river downstream.
The Yarlung Zangbo becomes the Brahmaputra river as it leaves Tibet and flows south into India's Arunachal Pradesh and Assam states and finally into Bangladesh.

China has already commenced hydropower generation on the upper reaches of the Yarlung Zangbo, which flows from the west to the east of Tibet. It is planning more projects upstream.​

 

[Saif]

Chinese scientists develop new AI model for cyclone forecast

Chinese scientists have developed a new artificial intelligence (AI) method to forecast the rapid intensification of a tropical cyclone, shedding new light on improving global disaster preparedness. Recently, researchers from the Institute of Oceanology at the Chinese Academy of Sciences published

thefinancialexpress.com.bd

Chinese scientists develop new AI model for cyclone forecast
Xinhua
Published :
Feb 04, 2025 18:45
Updated :
Feb 04, 2025 18:45

Chinese scientists have developed a new artificial intelligence (AI) method to forecast the rapid intensification of a tropical cyclone, shedding new light on improving global disaster preparedness.

Recently, researchers from the Institute of Oceanology at the Chinese Academy of Sciences published this study in the journal, Proceedings of the National Academy of Sciences.

The rapid intensification of a tropical cyclone, which refers to a dramatic increase in the intensity of a tropical storm over a short period, remains one of the most challenging weather phenomena to forecast because of its unpredictable and destructive nature.

According to the study, traditional forecasting methods, such as numerical weather prediction and statistical approaches, often fail to consider the complex environmental and structural factors driving rapid intensification. While AI has been explored to improve rapid intensification prediction, most AI techniques have struggled with high false alarm rates and limited reliability.

To address this issue, the researchers have developed a new AI model that combines satellite, atmospheric and oceanic data. When tested on data from the tropical cyclone periods in the Northwest Pacific between 2020 and 2021, the new method achieved an accuracy of 92.3 per cent and reduced false alarms to 8.9 per cent.

The new method improved accuracy by nearly 12 per cent compared to existing techniques and boasted a 3-times reduction in false alarms, representing a significant advancement in forecasting, said the study.

"This study addresses the challenges of low accuracy and high false alarm rates in rapid intensification forecasting," said Li Xiaofeng, the study's corresponding author.

"Our method enhances understanding of these extreme events and supports better defences against their devastating impacts," Li added.​