CHINA will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.
But the dozens of African leaders arriving in the Chinese capital for the three-yearly event may not be easy bait. They will want to hear how China plans to meet an unfulfilled pledge from the previous summit in 2021 to buy $300 billion of goods.
They will also seek assurances on the progress of incomplete Chinese-funded infrastructure projects, such as a railway designed to link the greater East African region.
“The prize is going to go to those countries who have carefully studied the changes in China and align their proposals with China’s new slimmed-down priorities,” said Eric Olander, co-founder of the China-Global South Project.
“That’s a big ask for a continent that generally has very poor China literacy.”
Africa’s biggest two-way lender, investor and trade partner is moving away from funding big-ticket projects in the resource-rich continent, preferring instead to sell it the advanced and green technologies Chinese firms have invested in heavily.
As Western curbs on Chinese exports loom, Beijing’s top priority will be finding buyers for its EVs and solar panels, areas where the U.S. and European Union say it has overcapacity, and building overseas production bases for emerging markets.
China has already started tweaking conditions for its loans to Africa, setting aside more for solar farms, EV plants and 5G Wi-Fi facilities, while cutting back on bridges, ports and railways.
Last year, China offered 13 loans of just $4.2 billion to eight African states and two regional banks, data from Boston University’s Global Development Policy Centre showed, with about $500 million for hydropower and solar projects.
