Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
World Bank says China's investment in Africa welcome
+ -
16:20, April 25, 2009

 Related News
 World Bank: crisis weakening driving force of developing countries
 World Bank to invest $45 bln in infrastructure to speed crisis recovery
 World Bank's IFC to provide 15 mln USD for SMEs in China quake zone
 World Bank to provide $44 mln to Afghanistan
 World Bank: China may bottom out in mid-2009
 Comment  Tell A Friend
 Print Format  Save Article
By Wei Jing

The World Bank said Friday it welcomes China's investment in Africa, where capital and liquidity are in great demand as a result of the global financial crisis.

With China's capital surplus, how China spends this money -- either to reinvest in the economy or invest for added value -- will be the subject of great interest in the international community, James Adams, the bank's vice president of the East Asia and Pacific region, told Xinhua in an interview on the eve of the bank's spring meeting.

Although due to Africa's low savings rate both in governments and households, China will be a natural capital investor in Africa, Adams said there are "always special issues and sensitivities about resources."

He said some media reports on China's investment activities in Africa are misleading and inaccurate.

An article published by the Washington Post on Thursday, titled "China uses global crisis to assert its influence," tracked China's recent loans to and investments in foreign countries. The story was picked up by some websites such as that of the American Iron and Steel Institute, an advocate for U.S. steel industry.

Adams said such an issue was not new. He noted that when the United States had large fiscal surpluses after the World War II and invested in Europe and subsequently in Asia, there were similar "sensitivities" about the U.S. investments.

The best way to quiet down such concerns is that China strives to be a good corporate citizen, be considerate of the countries it invests in, and uphold high standards in development projects, he added.

"People would say there is almost the implication that China was going to take over all the industries in Africa. It wasn't true," Adams said.

"We felt the obligation to get some of the facts out. From the bank's perspective, Chinese investment in Africa is very welcome," he added.

China's experience in fiscal discipline, a balance in integration into the international economy and strong oversight in the country's financial sector are "important lessons to other countries," Adams said.

He said he believes African officials can draw much from China's growth experience and apply it to their own countries.

Source: Xinhua



  Your Message:   Most Commented:
Don't hate the rich, be one of them
Can Dalai Lama's lie deceive the world for long?
Jackie Chan's 'freedom' talk sparks debate
India's drill report 'surprises' Chinese govt
On Serfs Emancipation Day, celebration, recollection, and wishes from across China

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90776/90884/6645072.pdf