[LINK] "China stuns analysts with $60-billion pledge for Africa"

[rfmcdonald]

The Globe and Mail's Geoffrey York notes China's new outreach to Africa, aid-wise.

Even as its economy slows, China has wowed its African allies with an impressive display of political promises and a staggering $60-billion (U.S.) in new financial support.

Chinese President Xi Jinping came to Africa bearing gifts, and he was rewarded with a standing ovation and glowing praise from dozens of African heads of state at a summit in Johannesburg on Friday. It was a clear demonstration that China remains a superpower in its influence in Africa.

Mr. Xi said everything that the African leaders wanted to hear. He spoke of political equality. He pledged that China would never impose its will on Africa. He promised $156-million in emergency food aid for Africa’s drought-afflicted nations, and a further $60-million for an African military rapid-response force. And then he made the announcement that everyone was awaiting: a total of $60-billion in grants, loans, credit and preferential financing for cash-strapped African nations.

Zimbabwean autocrat Robert Mugabe was among the leaders at the summit who heaped praise on Mr. Xi, calling him a “God-sent person” and a welcome change from Western “colonizers.”

The timing of the financial aid was crucial, since African economies have suffered badly from China’s slowdown this year. China has become Africa’s biggest trading partner, with about $220-billion in trade last year, but its African trade has slumped by 18 per cent in the first nine months of this year. China’s imports of African raw materials have dramatically declined since late last year, and Chinese investment in Africa has dropped by 40 per cent in the first half of this year.