ISTOCKThedefaultimpressionofChinaformanyforeignersthreeorfourdecadesagowaskungfumovies.However,thingshavechangedandthecountryhastransformedintoalandofhighspeedtrains,skyscrapers,andafastgrowingeconomy.AstheChinesepeoplemarkthe40thanniversaryoftheimplementationofitsgroundbreakingreformandopening-uppolicy,thereisawillingnesstobuildacommunitywithasharedfutureforhumanity.Thelong-heldpolicyhasnotonlybroughtaboutChina’sspeedyandsustainabledevelopment,butalsoallowedChinatohavecontributedgreatermomentumtotheworldeconomy.Forthatreason,Chinaisreferredtoastheleadingchampionofdevelopmentamongemergingeconomies.
Globaleconomicengine
Overthepastfourdecades,China’sGDPhasaveragedayearlygrowthrateofabout9.5percent.Intermsofforeigntrade,Chinahasregisteredayearlygrowthofover14.5percentintheU.S.dollar.Inthelast10years,withChina’sstrengthintheworkforce,capital,marketandtechnology,thenation,onaverage,contributed30percentoftheglobaleconomicgrowthyearly,sharingthebenefitsofChina’sdevelopmentwiththeworld.Also,thecountry’sshareintheglobaleconomyrosefrom2.7to16percent;itsper-capitaGDPexceeded$8,800in2017;inthepast40years,atotalof800millionChinesearehelpedoutofpoverty–whichamountstoover70percentofglobalpovertyreduction(figuresfromrelatedChinesegovernmentagenciesandtheWorldBank).ChinaisthefirstdevelopingnationtomeettheMillenniumDevelopmentGoalssetbytheUnitedNationsintermsofpovertyreduction.WhathadtakenWesternindustrializednationsseveralcenturiestoaccomplishhastakenChinafourdecadestoaccomplish.
Now,asthelargestemergingeconomy,Chinaisshiftingfromhigh-speedgrowthtohigh-qualitygrowth.DatafromtheNationalStatisticsBureauofChinashowthatthecountryhaskeptamedium-higheconomicgrowthrateof6.9percentin2017and6.8percentinthefirstquarterof2018,contributingtonearlyone-thirdofglobaleconomicgrowth.
Indoingso,Chinahaspromisedtofurtheropenupitseconomywithconcretemeasurestopromoteasharedprosperity.DuringChinesePresidentXiJinping’sspeechattheBoaoForumforAsiaAnnualConferenceinApril,hesaidthatChinawillimprovetheinvestmentenvironmentsforoverseasinvestors,significantlylowertheimporttariffsforvehiclesandlessenimporttariffsforsomeothermerchandises,addingthattheChinesepeoplewillcontinuetoopenandexpandcooperationwiththeglobaleconomybypayingequalattentionto“bringingin”and“goingglobal.”
Africanconnection
China’sfourdecadesofreformandopeningupmeetitscitizen’saspirationforinnovation,abetterstandardoflivinganddevelopment.Intheinnovationstakes,Chinamovesto17thplaceininnovationindexmeasuringtheinnovationcapabilityoutof40majorrankedcountries,accordingtotheNationalInnovationIndexReport2016-17releasedbytheChineseAcademyofScienceandTechnologyforDevelopment.
Notably,anopenChinaisinabetterpositiontosharethebenefitsofitsreformanddevelopmentwiththeworldingeneral,andAfricaneconomiesinparticular,sothatChinaandtheworldcanworktogethertoattainasharedprosperity.Also,thereformresonateswiththeworldwidetrendtowardpeace,cooperationanddevelopment.Chinahasgivennewimpetustotheworldeconomyviaasetofpragmaticprograms,ofwhichthemostrepresentativeistheBeltandRoadInitiative.Thecountry’simpressivedevelopmenttrajectoryoffersanalternativedevelopmentmodelforAfricaneconomieswhereChina’spresencehasgrownimmenselyovertheyears.ThatiswhyconnectingChina’sfourdecadesofreformandopeningupwiththeawakeningofAfricaneconomiesisseenasthereasonthatChinahascontributedenormouslyintransformingthecontinent’seconomictalefrom“hopelesscontinent”toa“risingcontinent.”
AccordingtotheAfricanUnion’sAgenda2063,buildingworld-classinfrastructuretogetherwithtradefacilitationshouldseeintra-Africantradegrowingfromlessthan12percentcurrentlytoabout50percentby2045,aswellasAfrica’sshareofglobaltradesoaringfrom2percentto12percent.Toaccomplishthis,Africaneedstoaddressthecontinent’sinfrastructuregapsinordertocompletelyattainGoal9oftheUNSustainableDevelopmentGoals(Buildresilientinfrastructure,promotesustainableindustrializationandfosterinnovation)andAspiration2ofAgenda2063(Anintegratedcontinent,politicallyunited,basedontheidealsofPan-AfricanismandthevisionofAfrica’sRenaissance).
TheChineseGovernmenthasbeenacceleratingandintensifyingtheireffortstomakeasubstantialcontributiontowardtheprovisionofhardinfrastructureacrossAfrica,rangingfromdistributiongridstopipelines,airports,ports,roads,refineries,railwaysandpowergeneration,whichishavingahugemultipliereffectonAfricaneconomies.
Forexample,DjiboutiisthegatewaytolandlockedEthiopia,oneofAfrica’sfastestgrowingeconomies.Already,over90percentofEthiopia’stradepassesthroughDjibouti.DuetoChina’ssubstantialcontributiontowardtheprovisionofhardinfrastructure,thetradethatoncetookthreedaysbyroadhasbeencuttonearly12hours.
Beneficialcooperationmodel
China’sinfrastructuredevelopmentmodelhashelpedAfrica’sgrowth-underpinningthe“Africarising”narrativethathasemergedinrecentyears.Duringthepastfourdecades,China’slargepopulationhasbeentheengineforitsimpressivegrowthrate.IfAfricaneconomiesweretogothroughasimilareconomicmiracleasChina,AfricanleadersneedtosufficientlyinvestinthedevelopmentofAfrica’sgreatestasset-itsyoungpopulation-becausesuccesswithoutasuccessorisafailure.
Thereisaneedtodeveloptheworkforcetocompeteintheglobalknowledge-basedeconomy.However,China-Africaknowledgesharingcooperationcanbecomeanewwayofbolsteringamutuallybeneficialcooperationmodel,speedupAfrica’sindustrializationandimproveitsindependentdevelopmentcapacity,whilebringingChineseequipment,technologiesandproductstoAfricannationsthroughindustrialcapacitycooperation.
GlobalmanagementconsultingcompanyMckinsey&Co.estimatedthatthereweremorethan10,000ChinesecompaniesinAfricain2017thathavecreatedemploymentfornumerousAfricans.Thesecompanieshavedisplayedremarkableprowessinsectorslikeinfrastructure,agriculture,telecommunications,informationcommunicationtechnology,services,andmanufacturing.Thiseconomicstimuluscontinuestohaveasignificanteconomicimpactincommunities.
AttheJohannesburgSummitoftheForumonChina-AfricaCooperationheldinSouthAfricainDecember2015,Xiusheredinaneweraofwin-wincooperationbetweenChinaandAfrica,astrategyformulatedtocreatemutualprosperity.Chinahasbackedupthisproposalwithafundof$60billionformajorcapitalprojects,whicharetiedtodevelopinglocaleconomiccapacity.Thisisintheknowledgethatforwin-wincooperationtobesustainable,itiscrucialtodevelopthelocaleconomy,byputtinginplacerealknowledgetransfers.
TheleapsandboundsinChina-AfricacooperationareclearevidenceoftheinterdependenceandmutuallybeneficialcooperationbetweenChinaandAfrica.So,astheChinesepeoplecelebratetheirfourdecadesofreformandopeningup,AfricanleaderswillwanttoremindtheWestoftheirappreciationofChina’ssnowballingsignificanceastheirleadingdevelopmentpartner.AfricanleaderswillalsoliketoremindtheWestthatthereisroomforcooperationbetweenAfrica,ChinaandtheUnitedStatesaswell.
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