Chinese investment in Africa fell by more than 40 percent year-on-year in the first half of the year, officials said yesterday, as slowing growth dents its commodity demand.
Natural resources from Africa have helped fuel China’s economic boom and it became the continent’s largest trade partner in 2009.
However, growth in China has slowed to its lowest rates since the aftermath of the global financial crisis, reducing commodity prices worldwide.
Beijing’s direct investment in Africa fell “more than 40 percent” to about US$1.2 billion in the first six months of the year, commerce ministry spokesman Shen Danyang (沈丹陽 ) told reporters.
China has handed out loans and funded infrastructure across Africa in what critics branded as deals made for mining rights and construction contracts.
Shen cited the weak global economy and international commodity price volatility for the rapid decline.
For the past decade, China gobbled up much of African products, overtaking the US to become the continent’s largest trading partner.
However, its imports from Africa tumbled nearly 43 percent in the January-June period, underlining the impact of China’s weakened demand for energy and resources.
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