THIS FIRST EDITION OF THE CHINA-AFRICA ECONOMIC BULLETIN provides a
comprehensive overview of the key channels of China-Africa economic engagement
over the last decade, with a focus on shifting economic trends in the past five years. The
collapse of global commodity prices beginning in 2014, tied with the domestic slowdown
in China, has significant implications for the tenor and nature of China’s economic
relationship with African countries going forward. Our data shows most recent figures
up to 2015, as well as the broader economic trends: bilateral trade; Chinese outward
direct investment to Africa; Chinese labor and contract values; and Chinese loans to
African governments. The effect of low commodity prices has been salient in almost
every aspect of China-Africa economic relations, most visibly in trade, and may indicate
a shift away from the intensive trade-based relationship that characterized the height of
China-Africa relations in the 2000s.
•
Between 2014 and 2015, Chinese imports of African goods dropped by 42%,
from US$79.8 billion to US$46.1 billion. This is due primarily to lower oil
export values, which constitutes China’s top import from Africa, though other
import products also declined in value.
•
FDI flows in 2015 from China to Africa fell to US$3.0bn from the previous high
of US$3.4bn in 2013. This may reflect the effect of falling commodity values on
investor confidence, as well as China’s domestic slowdown.
•
The total number of Chinese workers in Africa in 2015 is estimated at 263,508,
and has risen gradually over the previous five years from 187,400 in 2009. Two
countries, Algeria and Angola, host the majority of recorded Chinese laborers
on the continent.
•
Total Chinese loans from both government and commercial sources totaled
US$11.8bn in 2015, constituting a US$1.7bn decrease compared to 2014. This
is the second year in a row where Chinese loans to Africa decreased, due in
part to the commodity price slump that hindered African countries’ ability to
borrow using resources as securit.............
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Berhane
