New masters hold key to Africa recovery

[FT_news]

China's purposeful march across Africa over the past decade is challenging western assumptions about the continent in multiple ways

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A new aphorism has emerged in Addis Ababa to describe Africa’s rapidly shifting relations with the outside world.

Washington, so it goes, is in charge of corralling the western donors. Europe provides the money. The Chinese walk off with all the business.

[forum_admin]

European trade with Africa is still more than twice that of China’s and European Union foreign direct investment is far greater too. Bric country trade is developing much faster however, moving from $16bn in 2000 to $157bn in 2008.

Moreover, Europe still sees Africa as a burden. The Chinese, Brazilians, Indians and others see it as an opportunity.

“We have a competitive advantage,” says Gu Xiaojie, China’s ambassador to Ethiopia, with a certain amount of glee.

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FT.com / China - New masters hold key to Africa recovery