Resource bubble is over Is the African boom over?
The African economy has been hit hard by the fall in resource prices. In order to prevent the decline of the home currency accompanying this, it seems that the local government is embarking on strengthening regulations, such as controlling foreign currency control and detecting tax evasion. It is said that many Chinese people are in the process of returning home because of security deterioration.
On the other hand, the countries that have consulted with China as a “one-way street” participant will remain in the four countries of Djibouti, Egypt, Ethiopia and Kenya. In China, since the route to Africa is not included in the main route of “one way road” included in the thirteenth five-year plan, since Africa’s country which participated in the international cooperation summit in China in May 2017 Even Kenya and Ethiopia were the only ones.
In China’s electronic media, a column saying that finance experts wrote “loans made to Africa over the past 10 years to participating countries” in recent years ” It is published. Companies in China may have already changed their investment destination to newly financed companies.
At the same time that the “resource development bubble” that existed between China and Africa is over, the “evacuation of the Chinese from Africa” is also a “shift to another country that will be more effective”. Along with the worsening economic situation in Africa, was Africa placed outside the policy of “one-way street”, so did Africa’s “runaway fever” have cooled down?
Moreover, it is worth noting that Africa’s morale is falling down, before the framework aiming for long-term development “one way road”. Now that Africa has revived its resource development bubble, it is undeniable that the possibility that he began to think about what is the national interest, regaining calmness.
Meanwhile, Japan and India have launched a new diplomatic strategy focusing on “free and open India-Pacific Strategy” and “Asia-Africa Growth Corridor”. Under these circumstances, we must continue to keep an eye on whether China’s leadership is truly sustainable or whether related countries will choose China.