China-Africa bilateral trade is whopping $250 billion. That’s 5x the US-Africa trade.
Every one of the 54 African countries has signed up for the Belt and Road Initiative (#BRI).
China builds highways, railways, seaports, airports, schools, hospitals, telecom networks, hydropower dams etc. in Africa.
America builds… MILITARY bases.
China brings its development philosophy to Africa. And actions matched by words.
USA/EU don’t have the patience for this kind of engagement.
Every three years, African leaders fly to Beijing for the #FOCAC summit. And every country - small or big, rich or poor - gets a grand reception and full attention.
Serious business and detailed planning. No slogans or fluff.
An excellent project of #FOCAC: China provides satellite TV to 9,200+ remote villages, directly benefiting 180,000 households and nearly 10 million people!
Deng Xiaoping's reform and opening up started in 1978.
1. But China did not right away embrace private enterprises and capitalism.
2. Private enterprises were illegal and not even officially recognized until 1988! (A few Special Economic Zones like Shenzhen had more freedom)
3. Some entrepreneurs in the 1980s were allowed to run private businesses under the "red hat" -- i.e., pretending to be collectives or government-owned.
4. 1980s: There were also high taxes and numerous restrictions such as maximum 5 employees in a private enterprise.
5. Only in 1994 did private enterprises get many legal protections and freedom.
6. In 1999, the Chinese Constitution was amended to acknowledge that the private sector is an "important component" of the economy.
Trump, Biden, Obama, Bush, Clinton, Reagan… it’s an American political tradition to impose tariffs, even though they have never helped create jobs or protect manufacturing! 😆