Foreign investment can be a very practical, convenient and viable way for industrialisation,” stressed Zhou Yuxiao, Beijing’s emissary to the Forum on China-Africa Cooperation (FOCAC), at the recent Africa Institute of South Africa-Human Sciences Research Council/Embassy of the People’s Republic of China (PRC) conference on ‘Opportunities and Challenges of China-Africa Industrial Cooperation’, in Pretoria.

“I strongly believe that African industrialisation, which includes agricultural modernisation, can never be overestimated,” he affirmed. It would transform Africa for the better. The development of industrialisation in African would require huge resources, including capital, skills and infrastructure. But, he stated, these could be brought to Africa by foreign investment, provided the environment was stable and secure.

This was precisely what China did, he highlighted. Prior to 1978, there was no foreign investment in the PRC, and everything was rationed. From 1978 onwards, China successfully attracted huge amounts of foreign investment, which transformed the country’s economy. China was now a leading economic power.

Zhou explained that investment flowed into China after 1978 not because the investors had changed their views of the country, but because China had transformed itself. “As a result, a win-win situation was created.” China got industrialisation, while the investors got profitable businesses.

He affirmed that China had proved that a country could leapfrog development. But, while investment could be attracted, it could never be guaranteed. And a national posture of sloganeering could result in lost opportunities. Moreover, while other countries could learn from China, they should not copy China.

He noted that, at the 2015 FOCAC Summit, in Johannesburg, Chinese President Xi Jinping had listed industrialisation and agricultural modernisation as the top two priorities on the FOCAC development cooperation list. China was providing training “slots” to facilitate African industrialisation. “China has become the largest investor in 12 African countries and 31% of Chinese companies in Africa are involved in industrial production,” observed Zhou. The recipient of the most Chinese investment in Africa is South Africa, which has so far received $15-billion.

Zhou also highlighted that China’s first-ever Import Show was going to be held in Shanghai later this year. This would provide a forum for countries from around the world to promote their exports to China. “A rare opportunity for Africa!” he stressed.

President Xi had, last year, also announced that his country would invest $750-billion overseas over the following five years. “Africa can strive for big slices from those big cakes,” urged Zhou. He pointed out that China had expanded its Belt and Road Initiative (BRI) to cover the whole of Africa. This would provide a new platform for China-Africa cooperation.

Speaking at the same conference, Dr Zeng Aiping, from the China Institute of International Studies, in Beijing, also stressed the importance of the BRI. Noting that it had first been put forward some five years ago, he assured that it was not an “imperialist” or “colonialist” initiative on the part of China. Such conceptions, he said, were based on ignorance.

The original concept for the BRI was to link China with Europe, overland through Central and West Asia (inspired by the original, ancient, Silk Road, which linked the Far East and Mediterranean regions for roughly 1 500 years) and by sea (referred to as the Maritime Silk Road). But the concept had since been expanded to include other regions and countries. “The vision of the BRI is to [achieve] a better China and a better world and a brighter future,” he affirmed.

To these ends, the BRI was aimed at the maintenance of an open world trading system. “China also realises its dream, its national rejuvenation dream, is interconnected with the world.” He pointed out that the Chinese market offered many opportunities for the whole world, including Africa, and that, without the cooperation of the participating countries, it could not succeed.