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No end in sight to Chinese miracle
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Many people gleefully predicted the end of the China miracle, as it can no longer export in such huge volumes to developed nations mired in recession. Mr James Kynge, editor of the influential 'China Confidential' claims nothing could be further from the truth.
"China is just getting warmed up," he said at the Standard Bank Africa Forum 2009 Conference.

"Those who sell resources to China have not seen anything yet - China has not yet peaked and will continue to grow for decades to come." He also predicts a "wave" of fixed direct investment in Africa to secure its sources of supply. There are already 800 Chinese companies active throughout Africa.

The source of his optimism is the process of urbanisation in China, which has been underway for 30 years and far from slowing is accelerating each year. He expects the pace of urbanisation to almost double in the coming years in the wake of various reforms enacted last year by the government.

These reforms will transform China from a mainly export-driven economy to one where internal consumer demand will be the major economic driver.

This is all very good news for the future of Africa.

Do you think China can sustain its frenetic pace of growth, or will it dissipate? Post your thoughts below.
1 Comment
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