Xi labels Mugabe's Zimbabwe an 'all-weather friend' upon return to Africa amid shifting dynamic in ties
Beijing, seeking greater security cooperation, offers more aid while investment declines
President Xi Jinping described Zimbabwe as the "all-weather friend" of China as he landed in Harare yesterday for a five-day visit to the continent to strengthen Beijing's economic and security presence in the face of declining commodity prices and Sino-African trade.
Xi was due to hold talks with Zimbabwe's President Robert Mugabe, who has been shunned by Western nations for years over human rights concerns, before continuing to Johannesburg in neighbouring South Africa, where he will attend the sixth Forum on China-Africa Cooperation.
Xi's main goal might be to settle new economic agreements based on his 'One Belt, One Road' initiative
Zimbabwean Finance Minister Patrick Chinamasa said China would provide a US$1.2 billion loan to expand the nation's Hwange power station, while Zambia's presidential spokesman, Amos Chanda, said his nation expected to clinch US$1 billion in Chinese investment and loans at the China-Africa summit.
Xi's trip came amid heightened concerns over China's reduced demand for commodities such as oil, iron ore and copper, leading to a drop of Chinese investment in Africa by 40 per cent in the first half of this year. Sino-African trade for the first three quarters reached US$130 billion, compared with US$220 billion for the whole of 2014.
Analysts blamed the drop in trade on plunging commodity prices, which have affected Africa's economic growth. Xi is expected to boost new economic cooperation with the continent.
"Xi's main goal might be to settle new economic agreements based on his 'One Belt, One Road' initiative," said Hu Yuwei, a researcher at Renmin University.