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Opinion

How will African nations cope with China's economic slowdown?

Mxolisi Ncube says as China's economy slows, Africa needs to build on its successes for inclusive growth

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China has its own economic challenges now and Africa has to find ways to survive - without a return to the economic bondage based on over-reliance on Western nations.

One could be forgiven for believing that the economic slowdown in China may have brought some Western countries to within inches of sending a "we told you so" reaction to their former colonies.

On the flip side, it is an opportunity for African governments and industries to reaffirm the African Development Bank's transformation strategy for the decade to 2022. In the short term, they need to revisit their survival tactics and diversify from an over-reliance on the export of raw materials.

To most African governments, China and its allies offer a much better alternative to the plunder of Western imperialism

There can be no denying that China's growing ties with Africa have shaped a new economic and political narrative for a continent that has for years struggled to shake off its Western colonial hangover. Most African nations achieved political independence decades ago but, in reality, have not been entirely free from Western political meddling. Western trade and developmental aid have always come with strings attached.

African governments have had to either realign their views on democracy to those of the West or - for those that refused to toe the line, like Zimbabwe - face a barrage of criticism and economy-crippling punishment in the form of sanctions. A few less fortunate ones - like Ivory Coast and Libya - were invaded.

An over-reliance on the Bretton Woods institutions has firmly entrenched the age-old Western grip on Africa and is a major reason - along with bad governance and corruption - why most African economies are no better off now in independence than under colonial rule.

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With China entering the game, that grip is slowly but inexorably losing its hold as the Asian economic powerhouse provides new options for the continent.

One key area of the new strategy is to develop infrastructure, which is expected to raise GDP growth by an estimated 2 percentage points a year. Photo: Bloomberg
One key area of the new strategy is to develop infrastructure, which is expected to raise GDP growth by an estimated 2 percentage points a year. Photo: Bloomberg
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For more than a decade, a number of African economies have performed well, mainly as a result of China's own growth. It is also Africa's new economic narrative - the "Look East Policy" - that saw African countries survive the global financial crisis of 2009.

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