In a dog-eat-dog world, competition is fierce
disdain the notion of “the global south,” which has exploded into something of a meme in recent years. Its inadequacies are obvious: three words could never capture the complexities of a group of more than 100 countries spread from Morocco to Malaysia and beyond. But the phrase has been adopted by Joe Biden, Emmanuel Macron and Xi Jinping.
China is intensely strategic about winning influence, by targeting swing states with infrastructure support, financing and more. From 2000 to 2021 it funded more than 20,000 infrastructure projects, many of which were under the “Belt and Road Initiative” , across 165 countries with aid or credit worth $1.3trn. Some analysts have noted data showing that credit from large state-backed lenders such as the Export-Import Bank of China is drying up.
Meanwhile China’s economic reputation could deteriorate. The public support it won through its lending binge happened before the money needed repaying. Some 75% of itsloans will require the principal to be paid back by 2030. It is probably no coincidence that the share of Africans who see China as having a positive impact on its development dipped from 59% to 49% from 2019 to 2022, according to Afrobarometer.
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