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The China-Africa Summit is one of the most significant diplomatic events on the international stage. Every three years, leaders from the 54 African nations that are members of the United Nations meet with Chinese leaders to discuss cooperation and mutual concerns related to economic development.
This year, the September summit held in Beijing focused on the theme “Uniting to Promote Modernization and Build a High-Level Community with a Shared Future Between China and Africa.”
This ambitious theme reflects a determination to tackle challenges, particularly those associated with the modernization of African economies to better generate added value, achieve trade and economic parity, move from dependence to integration, and create a shared future by harnessing the potential for new opportunities for mutual growth.
These ambitions signal a recognition of the real obstacles to shared globalization and express a commitment to creating a new reality that serves the economic, political, and geostrategic interests of both parties.
The political and geostrategic aspect is especially crucial for China, which is keen to reshape the global order. Some African countries, too, do not object to the formation of new blocs under new rules that no longer solely serve the agendas of Western countries.
This is a development that Western nations view with suspicion, particularly because their approach to “developing” Africa has not been successful, resulting in unmet expectations and leading to popular discontent with the entire Western model.
Western countries seem to lack both the political will and the financial means to follow China’s example. Their presence in Africa is even waning in favor of new players who, although less concerned with human rights and democracy—as is the case with some Western nations—are seen by a significant portion of African elites as more respectful of African people’s choices, cultures, and societies.
The modernization promoted by the Beijing summit is evident in China’s ongoing support for industrial, agricultural, and infrastructure projects in Africa, forming one of the concrete applications of the “Belt and Road” initiative.
Political dialogue is focused on enhancing mutual understanding to advocate for the interests of developing countries in international forums.
In terms of economic integration, China has committed to increasing its investments in economic programs, boosting imports from African countries to narrow the significant trade imbalance between the two parties, and increasing financial support while alleviating Africa’s debt to China.
China has also pledged to support peace efforts on the African continent and to assist in conflict resolution through security and military support.
However, these ambitions face significant challenges. China itself is grappling with real economic issues, such as the chronic slowdown in the real estate market, fluctuating domestic consumption, and deteriorating financial resources for local governments, which have led to a sharp decline in investments.
The private sector has also been weakened by the crackdown on certain private companies by Chinese authorities in recent years.
As a result, China no longer has the same economic and financial strength it had a decade ago to realize its ambitions in Africa and globally. While the situation may change in the future, the current reality presents several challenges.
On the other hand, the trade balance heavily favors China, as African countries export mostly raw materials, which account for only a small fraction of China’s total imports.
China has pledged to increase its imports from Africa, but this will require greater processing and transformation of raw materials within Africa before export, thereby increasing the value of African exports. This path demands time, investment, financial and logistical support, as well as a transfer of expertise—a process that is still in its early stages.
The issue of Africa’s growing debt to China is becoming structural, which could have serious implications for Africa’s financial and macroeconomic stability.
The restructuring of these debts and their conversion into investments—as confirmed during the summit—is the best way to address this dilemma. It is true that some projects were implemented despite their low economic efficiency, a lesson from which Africa must learn to avoid becoming entangled in projects that may not be economically viable in the future.
Africa represents an opportunity for China, which seeks partners in its quest to build a new world order.
Conversely, China is an economic, industrial, and financial powerhouse on which Africa can rely to support its development, free from what many Africans perceive as the rigid rules, strict calculations, and political and intellectual arrogance of some Western countries.
The political will of both parties—China and Africa—is to establish new and fairer rules for the Global South. However, achieving these goals requires an effective approach and close monitoring of the implementation of the Beijing Declaration, as well as the genuine consolidation of the “win-win” principle that typically characterizes China-Africa conferences.
