Many assumed that Africa’s contribution to the global economy was through selling that which comes out of the ground. That was certainly what drew the Chinese to Africa back in the early 2000s. Today, that’s no longer the case.
Chinese customs authorities’ latest oil buying figures show how powerful this trend is. Purchases are down 23% this year alone. China once imported a third of its oil from Africa. Now that figure is just 10% and declining.
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