On both sides of the American political spectrum, certain wariness exists about the economic powerhouse of China. Especially in the news right now, many of our politicians are brainstorming ways to keep up with and hopefully outpace Chinese growth. However, one of the secrets to China’s success might be its interest in working with developing nations.
Spring is inching closer and with it comes the Spring Festival. The Spring Festival is a traditional Chinese holiday in which families visit friends to refresh and strengthen friendships. China’s Foreign Minister Yang Jiechi took this opportunity to visit China’s African trading partners on February 20.
According to The Economist, the growth of developing African economies is set to outpace their Asian counterparts by 2015. The Chinese government took notice of the opportunity presented by African markets years ago and has forged a strong partnership with many developing African nations. Through tapping into African economies, African countries are able to export their natural resources to China, which the Chinese then use to manufacture into their own exports.
China has taken notice that the development of Africa provides additional opportunities for China to strengthen its economy even further. Perhaps it is this investment in developing and impoverished nations that provides an economic edge to China in today’s changing global marketplace.
With the majority of our top trading partners being former recipients of U.S. aid, the United States has a previous history of success with turning impoverished nations into valuable business partners. By continuing this legacy and cultivating opportunities to decrease poverty in Africa with firm business relationships, we’ll be tapping into a pivotal market that China has been benefiting from for years.
– Pete Grapentien