Why China’s Recovery Matters
China’s economic growth is crucial for the development agenda of African countries
The annual sessions of China’s National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference, commonly known as Two Sessions, held in March in Beijing, not only provided details about China’s development in the past year, but also outlined the development trajectory for the future.
Under normal circumstances, one country’s economic recovery shouldn’t be of great significance to countries in another continent. But that is not the case with China. The ongoing recovery of the world’s second-biggest economy is music to the ears of African countries and their people.
According to the Report on the Work of the Government delivered by Chinese Premier Li Qiang at the opening ceremony of the second session of the 14th National People’s Congress on 5 March, in 2023, China’s GDP surpassed 126 trillion yuan ($17.5 trillion), an increase of 5.2 percent, ranking China among the fastest growing major economies in the world. A total of 12.44 million urban jobs were added, and the average surveyed urban unemployment rate stood at 5.2 percent. China also seeks to achieve a GDP growth rate of around 5 percent for 2024, despite uncertainties at home and abroad.
Wide-ranging impact
One can ask why this Chinese economic recovery matters to Africans. That is because it can potentially benefit the continent’s economy in several ways. It can boost opportunities for trade, infrastructure investments, foreign direct investment (FDI), technology transfer and knowledge sharing, and tourism and cultural exchanges.
China is a major trading partner for many African countries. As China’s economy rebounds, demand for African goods such as agricultural products and materials may increase, boosting African exports. China