China's Three Decades of Economic Reforms and the Transformation of China’s Policy towards Africa

Abstract

The pace and scale of China’s economic transformation have no historical precedent. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world fastest-growing economies. China’s foreign policy, more specifically, its African policy, has been decided by its strategy of development. The Second Forum on China-Africa Cooperation Summit held in December 2015 in South Africa makes the importance and extent to which China’s relationship with Africa is changing. China’s tripling of its financing commitment to US$60 billion signaled its confidence in the economic changing prospects of Africa. The changing Sino-Africa relationship is underpinned by a shift towards a more balanced partnership that recognizes Africa’s socio-economic and political priority. In contrast to most analysts’ claim that China’s policy changed in recent years due to its thirst for oil and other natural resources in Africa. Sino-Africa relations have evolved to the extent that African nations are taking a more assertive role when it comes to economic engagement with China such as signing trade deals, making sure that their interests are protected. It is anticipated that Africa’s importance within China’s foreign policy framework will continue to grow.

Keywords: Africa, China, Economic Reform, Economic engagement, Policy Change