22 January 2018
   
Winky D gives voter registration oomph
Cholera: Zim on high alert as 4 killed
ANC confirms Zuma exit discussion
Government orders blood price reduction
- One day’s supply left of key blood group
Kasukuwere begs ED for forgiveness: official
Chinamasa to divert wages to devolution
Dump Mugabe regalia, Zanu PF official
MORE NEWS
Gemmology center in Mutare soon
NRZ loss as gold miners damage rail line
MORE BUSINESS
Unpaid Mr ugly reports sponsors to ZRP
Zim author releases new book in USA
MORE SHOWBIZ
Billiat might still leave: Sundowns coach
Anger as Dembare approach City player
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
IMF reduced us to charity case, minister


New development partner ... Ambasador Lin Lin also addressed symposium

22/10/2013 00:00:00
by Xinhua
 
China new option for capital ... Christopher Mutsvangwa
 
RELATED STORIES
Fay Chung: Look East for brains not just US$
Chinese leader’s visit a PR gimmick, MDC-T
No China blank cheque for Mugabe
China Africa develops coal mine, power plant
Don’t compete with Chinese goods, envoy
Sino-Zim Cotton opens $17m plant
No interest in $200m NetOne deal: Muguti
Zim China trade up 30pc, EU rebounds
Businessman fights $200m China deal
China provides $319m for Kariba upgrade
China takes control of Zim economy
Chinese envoy raps US Cold War mentality
China pledges continued support

THE emergence of China as a global economic powerhouse is a huge boost for Africa as the continent now has better chances of accessing cheap capital from world markets, a deputy minister has said.

With a US$3 trillion reserve, China has become an important capital market that Africa should take advantage of to meet its capital needs, deputy foreign affairs minister Christopher Mutsvangwa said Tuesday.

He was addressing guests at the start of a three-day China-Africa symposium being held in Harare.

Mutsvangwa said while Africa's relations with Bretton Woods institutions such as the International Monetary Fund and the World Bank had largely left the continent "a charity case" and in huge debts, China's economic engagement with Africa was based on a win- win situation.

Long-standing cordial relations existing between the two sides also augured well for development and enhancement of mutually beneficial economic relations.

"The arrival of China on the global market has democratized capital. Africa now has the ability to weigh on who is giving them options on capital," Mutsvangwa said.

He said with strong prospects of China's currency eventually becoming a world currency, Africa, with its good relations with China, was conveniently placed to benefit more from its economic relations with China.

Europe, Mutsvangwa said, would be forced to look at Africa in a new way because of the changes brought about by the emergence of a powerful China, he said.

The minister took a swipe at those demonizing relations between China and Africa and portraying China as an "economic predator" bent on colonising Africa.

"That story is not true. We never got our political independence on a silver platter,” he said.

“We fought hard for it and so the story of Africa as being indigent and waiting for another super power to colonise it is not true."



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker