China expands its Africa investment
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 5 September 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
From the BBC World Service: China’s President Xi Jinping has announced almost $51 billion in new funding for the continent — in projects including infrastructure and clean energy, with a promise to create a million jobs. But there are warnings about the debt burden facing some countries. Also: An inquiry into an apartment block fire in the United Kingdom is heavily critical of cladding manufacturers, successive governments and regulators.
Transcript
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| 0:00.0 | China says it's going to bring jobs and infrastructure to Africa but at what cost. |
| 0:06.0 | Hello this is the Marketplace morning report and we're live from the BBC World Service. |
| 0:10.0 | I'm Leanna Byrne. Good morning. |
| 0:12.0 | China is stepping up its game in Africa |
| 0:14.3 | promising nearly 51 billion dollars in new funding and promising to create a |
| 0:19.2 | million jobs. At a summit in Beijing Presidenting Ping announced plans for more infrastructure projects and investments in clean energy. |
| 0:27.0 | But the UN warns that without better debt relief, African nations could face serious social unrest. |
| 0:33.4 | The BBC's Laura Bicker is in Beijing. |
| 0:35.4 | Hi Laura. |
| 0:36.4 | Hello, how are you doing? |
| 0:37.6 | Good, Laura, I mean, what motivated China to increase this funding and infrastructure commitments to Africa. |
| 0:44.0 | Look I think this is about three things for China. |
| 0:47.0 | Firstly, I think it wants to portray itself as the champion of the developing world |
| 0:52.0 | and we heard that today from President Xi Jinping. |
| 0:55.5 | I think secondly, this is about influence in Africa for China. |
| 0:59.8 | Right now, I mean Africa is rich in resources, it has minerals, it has oil, you've got the likes of the US, |
| 1:06.9 | many European nations all vying for business and investments right across Africa. |
| 1:13.6 | There's a little bit of a confidence issue because before the pandemic China had |
| 1:17.5 | invested millions in various projects, roads, railways, bridges, and during the pandemic when their economy |
| 1:26.2 | went into a bit of a slump, China's money flow kind of started to ease up and that has left many projects in a stalled state. |
| 1:36.7 | And thirdly it's all about extending their built and road initiatives across Africa. This is this new Silk Road project set up by |
| 1:46.1 | President Xi the idea that it will be easier to do trade with various countries if |
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