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Natural Resources and China's Development SPECIAL REPORT FUELLING THE DRAGON Natural resources and China’s development August 2012 Brenthurst Report Fuelling the Dragon COVER.indd 3 2012/08/13 5:16 PM FUELLING THE DRAGON Natural resources and China’s development The Brenthurst Contents Foundation Abstract .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2 Prefaces .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3 President John A Kufuor; Prime Minister Raila Odinga; H.E. Mr Erastus Mwencha; The Hon Julie Bishop MP; Senator the Hon Bob Carr Introduction.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 7 Greg Mills, Terence McNamee and Peter Jennings China’s growth and its impact on resource demand and the iron ore trade .. .. .. .. 11 Peter Drysdale and Luke Hurst Africa and China: between debunking and disaggregation .. .. .. .. .. .. .. .. .. 40 Greg Mills Chinese traders: the opaque underbelly of China’s presence in Africa ��������������������������������� 53 Terence McNamee China and Latin American resources – some trends and implications .. .. .. .. .. .. 56 Patrick Esnouf Conclusion .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 66 Greg Mills, Alberto Trejos and Peter Jennings Published in August 2012 by: The Brenthurst Foundation E Oppenheimer & Son (Pty) Ltd PO Box 61631, Johannesburg 2000, South Africa Tel +27–(0)11 274–2096 · Fax +27–(0)11 274–2097 www.thebrenthurstfoundation.org All rights reserved. The material in this publication may not be reproduced, stored, or transmitted without the prior permission of the publisher. Short extracts may be quoted, provided the source is fully acknowledged. Layout and design by Sheaf Publishing, Benoni. Brenthurst Report Fuelling the Dragon.indd 1 2012/08/13 5:15 PM FUELLING THE DRAGON: NatURAL resoUrces and CHINA'S DEVelopMENT Abstract From 17 to 19 May 2012, the Australian Strategic Policy but China’s current appetite for resources will eventually Institute and the Johannesburg-based Brenthurst abate – and that could happen with cruel suddenness. Foundation co-hosted a major international dialogue on This Dialogue examined countries that have used their natural resource demand and China’s economy. Held at natural resources wisely to develop their human capi- the Royal Zambezi Lodge on the Zambezi River in Zambia, tal, build resilience and diversify their economies – and the event brought together experts and policymakers those that have not. It concluded that, to be able to from Africa, Australia, Latin America and elsewhere, withstand any downturn in Chinese demand, this latter including Nigeria’s former president, Olusegun Obasanjo, group, comprised mainly of African countries, had better and senior Australian members of parliament, Senator start paddling quickly, or the shock may be too much to David Feeney and the Hon Julie Bishop MP. bear. Neither Africa, nor Australia, nor Latin America Four of the papers presented at the dialogue are has much (if any) control over the future trajectory of reprinted in full here. China’s energy demand. In that sense, all resource-based Key highlights from the discussions are included in economies reliant on exports to China are in the same this Introduction and in the Conclusion. boat. The end of the good times may not yet be nigh, 2 SPECIAL REPORT Brenthurst Report Fuelling the Dragon.indd 2 2012/08/13 5:15 PM Prefaces President John A Kufuor I congratulate The Brenthurst Foundation, on whose All countries whose economies are based largely Board I am proud to sit, and the Australian Strategic on commodities exports will be affected by what Policy Institute, for this report. happens in China. Whether Chinese demand for The growing role of China in Africa during the commodities remains at current levels or grows or past two decades poses vital questions for African falls – we will all feel the impact. governments and societies. Consequently, it is my hope that this report, China is hailed by some as the answer to many which brings together papers from a range of African of Africa’s key economic challenges, especially the and international experts, will help us to track and continent’s massive infrastructure deficit. Others, better predict the likely trajectory of China’s natural however, have questioned whether Africa’s develop- resource demand, so that we may all be better pre- ment – and African democracy – is best served by pared for whatever the future may hold. deeper Chinese involvement in our economies. Of course, China’s search for raw materials to John Kufuor was the President of the Republic power its booming economy is not restricted to of Ghana from 2001–9 and is a member of the Africa. Brenthurst Foundation’s Advisory Board Prime Minister Raila Odinga Africa’s prosperity will hinge on the strength of its Africa’s traditional partners – the United States civil society institutions, especially its think-tanks, and the European Union – have been somewhat which will help to position us to our best advantage stunned by how quickly these relations have grown in the global economy. The Brenthurst Foundation, and deepened in recent years. They realise they have with its range of international partnerships and asso- a lot of catching up to do, particularly in terms of ciations, and its skill in identifying and applying trade and investment in Africa. best practice, is a trailblazer among thought lead- ers. Specifically I would like to extend my thanks to During the past two decades, The Foundation and the Australian Strategic Policy Institute for this report. many African countries have Any mention of China in Africa is likely to elicit become dependent on the strong opinions – perhaps nowhere more so than in Africa. There can be no doubt that during the past economic might of China two decades, many African countries – especially the ones rich in natural resources – have become depend- ent on the economic might of China. Today, more and more companies from America, China needs energy and minerals to drive its rapid Europe and other countries, such as India and industrialisation – and Africa has these resources in Turkey, are following China’s lead and trying to get abundance. This is the fundamental basis on which their slice of the new economic opportunities that the China–Africa relationship was forged and con- Africa presents. I wish to state however that much tinues to grow. as we welcome the new players, our relations with But this is not the whole story. Many African China are not at the exclusion of traditional US and countries have established strong political and cul- European partners. We need everyone. tural links with China. In early 2010, Kenya and China signed major infrastructure agreements that will help Kenya build SPECIAL REPORT 3 Brenthurst Report Fuelling the Dragon.indd 3 2012/08/13 5:15 PM FUELLING THE DRAGON: NatURAL resoUrces and CHINA'S DEVelopMENT new transportation links between us and our neigh- that Africa’s relations with China will be mutually bours. These transportation links will underpin not beneficial. only Kenya’s economic growth but also economic That said, we have to take care to never put all development throughout the East Africa region. our eggs in one basket. To guard against any sud- But of course Kenya, like the rest of Africa, den political or economic changes in China, African needs to carefully and pragmatically manage our countries need to redouble their efforts to diversify relations with China. China wields enormous eco- their economies and develop new industries and nomic and political power – and not just in Africa, export markets. If we don’t, we will not only leave as our Australian friends will attest. Consequently, ourselves and our people vulnerable – but we will it is incumbent on all of us to define exactly what also stand little chance of building on Africa’s recent our interests are in our relations with China and do impressive economic growth. our utmost to ensure that we protect and promote them. If we do that, there is every reason to believe Raila Odinga is the Prime Minister of Kenya H.E. Mr Erastus Mwencha China has changed international perceptions of procurement strategies – all with the aim of spread- Africa from a problem to be solved to an opportunity ing the benefits. Second, how to define Africa’s own for business. Higher prices for African commodities development path and strategy. Until we are clear have been achieved by a combination of Chinese about how we should develop, it is going to be dif- demand and improved systems of African produc- ficult to devise strategies for engaging China or tion and governance. However, China’s own success anyone else for that matter. Development starts at poses a challenge for Africa’s prospects for job crea- home, not elsewhere. Part of this is the need to estab- tion. How can smaller African industries working lish and refine institutional capacity through which in smaller markets compete with Chinese counter- to encourage best policy practice and international parts? A commodity boom provides a foundation standards in government-like business. In all, we for growth and state capacity. How we use that is all have to abandon the old state-versus-market debates. important to creating jobs. In this infrastructure is a We need both; an efficient state and a vibrant private means to an end; the means being great efficiencies sector: the former to provide the enabling environ- enabling more investment and providing an environ- ment, the latter to employ Africans. ment in which the private sector will set up service Africa’s average per capita income is $1 190. If we and manufacturing industries. grow at 5 per cent per annum, we will double this by 2027, a very long time; if we grow at 10 per cent, it will double by 2020, the sort of rates of growth Until we are clear about China has enjoyed consistently over some decades. how we should develop, it is We thus have to find the means to raise our growth rates considerably to meet expectations, and this will going to be difficult to devise help to ensure job opportunities are created.
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