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China can invest where China pleases.
At home in China, though, their track record of being shrewd investors is poor. Today, China is forced to put down protests from citizens who cannot withdraw their money from Chinese banks because the government has frozen the accounts and stolen the money; Investors are now refusing to pay for apartments they bought years ago but remain unfinished; and China's two largest real estate developers are going bankrupt with entire rows of unfinished buildings being demolished.
On top of that we are seeing rolling blackouts as China suffers from having enough power to consistently run the country. There is an $840B train that has almost no riders, and there are over 50 unoccupied cities built on credit.
Maybe they are shrewd geniuses in Africa. I dunno. But they sure haven't been clever back home in China.
Chinese financiers and African governments signed over 1,180 loan commitments worth $160 billion between 2000 and 2020, the China Africa Research Initiative’s (CARI) database shows, two-thirds being for transport, power, and mining projects. Angola, Zambia, Ethiopia, Kenya, and Cameroon have borrowed the most from China in dollar terms.
If China had the money to loan and helped create the infrastructure that is a good thing. These African nations now have been ways to receive goods which should trickle down to the people. Of course, the Chinese should/will make out well as they are putting the apparatus in place. From what I've read the interest rates are sometimes 0% or rather low rates...and now at least some is forgiven altogether.
You should have posted more of the story. Look all of the African dictators have 1 thing in mind, straddle their countries in Chinese debt, steal as much as they can and then flee to Europe when the heat gets too hot. China is getting something for this, what this is we don't know. It's almost like they are running these countries.
That's very unfortunate indeed.
However, as they flee to Europe, they cannot carry with them the infrastructure, mining projects or telecommunication networks, much needed for their countries' social economic developments.
Quote:
Originally Posted by Karl Lagos
Specifics of the announced relief are not known as the beneficiaries and amount were not disclosed. China canceled debt due to interest-free loans worth $113.8 million that matured in 2020 for 15 African countries including Botswana, Burundi, Rwanda, Cameroon, the DRC, and Mozambique.
Chinese financiers and African governments signed over 1,180 loan commitments worth $160 billion between 2000 and 2020, the China Africa Research Initiative’s (CARI) database shows, two-thirds being for transport, power, and mining projects. Angola, Zambia, Ethiopia, Kenya, and Cameroon have borrowed the most from China in dollar terms.
Japan has just pledged $30 billion in aid for development in Africa.
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