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How China has created a new slave empire in Africa
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[QUOTE]Originally posted by Doug M: [QB] Yes. There is good news in Africa. But as with everything else, you MUST read the small print. [QUOTE] Angola is Africa's second largest oil producer, behind Nigeria. Angola currently produces 1.4m barrels of offshore oil per day; the sector accounting for 90% of exports and 75% of government revenues. Last year, it generated an estimated $l4bn and its oil production is predicted to reach two million barrels by die end of 2007. As well as importing oil, China is now a partner in several of Angolas oil blocks. Sinopac, China's state-owned oil company, made a huge bid, winning 50% of Block-18 and begins oil production this year. There were rumours that Sonangol gave the block to the Chinese as part of a credit deal. [b] China also wants to expand into new markets, binding its companies into Angola. The credit deal specifies that 70% of Angola's reconstruction work must be done by Chinese companies.[/b] On the other side of the coin, Angola chose China because it wanted to diversify its partnerships to include non-Western players. A big benefit to Angola is that China's foreign policy is non-interference - its credit, therefore, comes with no conditions. After the war, Angola desperately needed more money but did not want to reform its fiscal transparency to meet International Monetary Fund (IMF) and World Bank conditions. But high oil prices and Chinese credit have enabled it to manage its own post-war reconstruction, without IMF loans. "In addition, the IMF would not have provided the amount of money China did, with the technology and human resources included," says Adalberto Fernandes of BP Angola. Transparency of oil revenues is an acute problem in Angola. "There has been no real progress on transparency in terms of knowing exactly how much money the Angolan government gets from oil and how it is spent. We know they are raking in billions but apart from some press reports about signature bonuses paid in the last licensing round, these funds cannot be tracked through a transparent budget process," says Sarah Wykes of Global Witness. As well as providing credit, the Chinese offer technical power, which Angola lacks. China trains more graduate engineers than anywhere else in the world, and despite their standard being different to the West, it is hoped they will transfer their skills to the Angolans. The Chinese also have a productive labour force. They are quick and cheap and they work long hours. They are improving Luanda by rebuilding construction sites that have been stalled or abandoned for years - taking complete eyesores and making the city look better. China also provides a role model for Angola, its economic growth gives Angola hope that diey can achieve the same, especially as both governments have socialist backgrounds. The Chinese work is particularly important, ahead of Angola's overdue elections. Originally scheduled for last year, the government maintains that roads and bridges must be rehabilitated first, before the elections. The Chinese are building at a capacious rate all over the country as Angola is planning the biggest urban project ever attempted in Africa - a mega city which will be built by the Chinese south of Luanda. [/QUOTE]From: http://findarticles.com/p/articles/mi_qa5391/is_200710/ai_n21296871/pg_2 A good example of how foreign interests are not really promoting anything else but THEIR OWN economic agenda. It isn't just about oil and reconstruction it is about creating LOCAL industry that supports, maintains and GROWS so that you don't NEED foreigners to build roads for you, you can build your own. It is also about creating JOBS, not creating jobs for FOREIGNERS but creating jobs for THE LOCALS so that THEY get money and skills that can be used in the future. [/QB][/QUOTE]
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