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China has potential to play a positive role

(China Daily)

08:12, March 25, 2013

A Chinese teacher instructing her students at a middle school in South Africa in February. LI QIHUA / XINHUA

As President Xi Jinping embarks on his first trip to Africa as a head of state, expectations are high for the world's second-largest economy to play a greater role in the region.

Eswar Prasad, a professor at Cornell University and a former head of the China division of the International Monetary Fund, said China has the potential to play a positive role in Africa's development through the provision of financial resources and technology transfers.

"Given the enormous potential for growth in the continent's countries and their large reserves of natural resources, China has good reason to develop a strong economic relationship with Africa," Prasad said.

Deborah Brautigam, a professor at Johns Hopkins School of Advanced International Studies, said Chinese demand for African commodities has pushed up prices and helped African countries experience an economic boom.

In her view, while Chinese interest has caused other countries to rethink their views that Africa was off-limits as an investment destination, Chinese banks have been creative in developing ways in which African governments without good credit ratings can leverage their assets to secure loans.

"This allows infrastructure to be built today and paid out of tomorrow's exports and profits. It's a great system," said Brautigam, author of the book The Dragon Gift: The Real Story of China in Africa.

A report by the Carnegie Endowment for International Peace released last year praised China for being the major source of foreign aid to Africa, complementing its trade and investment activities.

It dismissed the misconception that China was just a resources hunter. "Chinese investment covers a wide range of sectors including infrastructure, education and information technology. These investments can benefit Africa and all of its trading partners," said the report, authored by Shimelse Ali and Nida Jafrani. The report showed that a much higher percentage of US direct investment in Africa was in mining than that from China.

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