by LUKE ZUNGA
JOHANNESBURG, (CAJ News) – THE recent Beijing Summit of the Forum on China Africa Cooperation (FOCAC) from 4 to 6 September 2024 should be hailed as a success.
In the eyes of China, coming after the Third Plenum of the Chinese Communist party, FOCAC is fulfilling decisions of the highest executive body in China.
It follows the Chinese President’s visit to Europe, Russia, hosting the top American business executives in China, Chinese foreign ministers visit to Australia, and cementing ties within the region, North Korea, Vietnam etc.
This was time for the African brass.
Indeed 48 African countries alighted on Beijing for the red-carpet reception. Forty-one African heads of state attended with representations from a further seven countries to thrush out the theme of “Joining hands to Advance Modernization and Build High Level China-Africa with a shared Future”.
South Africa’s President Ramaphosaarrived earlier for the South Africa-Sino summit at which eight agreements were signed, raising the level of South African relationships.
To understand the aims of China would be to pierce the veil into the closed decisions of the 3rd Plenum ofChinese Communist Party which concluded in July 2024, which were to;
- Modernize Chinese industrial complex
- Increase domestic demand for local products to 1.2 billion Chinese population
- Financial and fiscal reforms
- Containing debt levels
- Increase defence capabilities
This sounds obvious because China has a vibrant industrial base. Where does Africa fit in? Africa fits in as a source of raw materials, such as minerals, agricultural produce, fisheries, a market for Chinese products to the two billion avaricious Africans in the African Continental free trade preferential zone.
The opportunities are limitless for African countries as well, taking away duty restrictions and other conditions.
China promised to increase financial assistance to African countries and came too close to cancelling huge debt to some highly indebted African countries.
Most African countries are seeking financial favours from China, as they do to America, EU and others. But there is no free money.
These are mainly loans which will have to be paid back with interest. China itself resolved to contain debt.
It can only do so by collecting and restricting dishing our free money. Therefore, the Africans will not get free money from China.
Although not announced in thecommunique, China sees the US as both a threat and a nuisance, particularly onTaiwan. But China is a superpower now and the USA relies on so-called allies for back up.
China needs Russia and BRICS on its side to bolster her presence. The theory in increased defence spending is to prevent war, because the enemy will notice that it is not a walkover.
China does not want conflict with America or anybody. Africa would be merely a strategic zone. Africans, however, are dancing to money offerings and see other rich nations as sources of money.
The understanding is that politicians are doing a good job, cementing bilateral, regional and continental relations.
The downfall of Africa are its technocrats, the so-called educated stock. They miss the cornerstone of growing an economy, which is to organize capital within, not to wait for foreign investors, as they see the Chinese and Americans.
There are huge resources in Africa, upon which capital can be organized, as capital is not from borrowings or foreign investors.
There are enough resources of capital in Africa. The knowledge where the capital can be organized is available, but the stumbling block are the Director Generals, permanent secretaries,government departmental and private sector directors, economists, accountants and others wearing academic barrettes.
These executives turn blind eyes and close their ears to misdirect politicians and governments to this mega notion of foreign investors. China started within and foreign investors noticed. Africa must start within, country by country, and foreign investors will notice.
Africa’s development will not be solved by China, USA, EU or any other country. Africa must organize the capital in Africa first, but not from raising taxes Until the politicians realize that the blockage is within the black citizens of Africa are going nowhere.
NOTE: The views expressed in this opinion piece are those of the author, Luke Zunga, and not those of CAJ News Africa.
– CAJ News