Page 18 - CSA Speaker Bulletin March 2019 | CSA Celebrity Speakers
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CSA SPEAKER BULLETIN CHINA
DAMBISA MOYO
China Diversifying Economic
Approach to Emerging Countries
Recently Xinhua News, the of dependency for aid in African in allocating capital into important
biggest and most influential countries. areas it has done a good job, as
media organization in education and infrastructure are very
China, spoke to global In a chapter entitled "The Chinese fundamental areas to spur growth,"
macroeconomist Dambisa Moyo are our friends," Moyo agreed with Moyo said.
about the role of China as a the Chinese approach to Africa by
global player. You can read the focusing on trade with and investment China's opening-up has definitely
interview below: in Africa that resulted in infrastructure helped drive economic growth in the
upgrade and jobs across the country, Moyo said, adding that China
“China, a key player of international continent. has especially benefited from joining
investment and trade, has diversified the WTO, being able to export a lot of
its economic approach to emerging "In addition to FDI (foreign direct goods and services around the world.
economies across Africa, South investment) and trade, China is also
America and Asia”, global economist very much involved in providing Recalling Chinese President
Dambisa Moyo said. “China's role loans and international aid," said Xi Jinping's speech about the
has changed. Very early on, China's the Zambia-born global economist importance of globalization and being
investments tended to be around who currently serves for several open to trade at the World Economic
infrastructure and ownership of a lot international companies or institutions. Forum in 2017, Moyo said she believes
of natural resources. But in recent in globalization, and that trade is a
years, China's got a lot more involved "It is making a strong push through critical driver of economic growth
in other areas, such as consumer the Belt and Road Initiative, the and she hopes the United States and
goods, banking, logistics, obviously New Development Bank and many China can quickly resolve their trade
diversifying their approach in Africa other initiatives around the world. disputes.
and elsewhere across the emerging In terms of international influence in
markets." emerging markets, it continues to have "Some of the great concerns people
a critical role," said Moyo, who also have about the Chinese economy is
Moyo attributed the change partly to once worked for the World Bank and about whether it can continue the
the increasing demands from Africa Goldman Sachs. speed of economic growth," Moyo
for better governance and better said.
participation in investment that When commenting on China's
China's been making. economic development model, The IMF and other institutions have
Moyo said it is clear that over the recently downgraded global growth,
Moyo, the author of the 2009 past 30 to 40 years, China has done including the growth in Europe and
bestseller Dead Aid named by the a lot of things right by investing in emerging economies, she said.
New York Times, was an outspoken infrastructure, education and goods
critic of aid from the West to Africa and services for exports that helped "Countries need to grow at least 7
in the past decades, which she said fund a lot of local development in percent a year in order to double per
failed to deliver economic growth China. capita income in one generation.
and poverty reduction but fuelled Obviously China is not growing at
corruption and the vicious cycle "So far in terms of what it is doing that rate and most countries are
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