China’s investment in Africa rises 78.6%
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Bloomberg and Business Day Online
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Published:
2009/10/27 08:39:39 AM
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CAPTION : Three Chinese gods, "Fu, Lu and Shou". The Gods are the Three Wise Men of ancient Chinese tradition whom symbolise happiness, prosperity and longevity, according to local media REUTERS
China’s investment in Africa in the first half of the year has risen 78.6% to 875 million from a year earlier, the Ministry of Commerce said in a statement on its Web site today. China’s cumulative investment in Africa by the end of 2008 was 26 billion, the ministry said.
China’s interest in Africa is not new. In the 1960s and 1970s, Beijing’s interest centered on building ideological solidarity with other underdeveloped nations to advance Chinese-style communism and on repelling Western “imperialism.”
In recent years, Beijing has identified the African continent as an area of significant economic and strategic interest.
China’s sharply accelerating domestic energy demand, combined with declining domestic petroleum production and insufficient coal output, has spurred Beijing to pursue stable overseas sources of hydrocarbon fuels.
By 2004, China had become the world’s second largest oil consumer, behind only the United States.
Chinese oil consumption is expected to increase by 10 percent per year, while China’s oil and gas imports are forecast to increase from the present 33 percent of China’s total oil and gas demand to 60 percent by 2020.