Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Chinese Seek Fortune in Africa

To satisfy country's thirst for oil, emigrants strike it rich out west

By Wesley Oliver,  Newser Staff

Posted Aug 17, 2007 3:22 PM CDT
Email

(Newser) – A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector of the African market—from diamonds to ice cream—but oil is particularly piquing their interest.

The Chinese, inspired by a homeland thirsty for resources, are engaged in various projects throughout the continent, including building roads, railroads, health care clinics, and airports. But many Africans are greeting them warily, concerned that they're planning to take over local businesses and cut jobs.

A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people, including nine Chinese, will not stop it from investing in Africa, but added it planned to boost...
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people,...   (Associated Press)
Zhou Xiaochuan, governor of the People's Bank of China, delivers an opening remarks at the opening ceremony of the African Development Bank's annual meetings Wednesday May 16, 2007 in Shanghai, China. China has already forgiven more than US$1 billion in debt to it held by African countries, and is estimated...
Zhou Xiaochuan, governor of the People's Bank of China, delivers an opening remarks at the opening ceremony of the African Development Bank's annual meetings Wednesday May 16, 2007 in Shanghai, China....   (Associated Press)
Delegates of African nations chat before the opening ceremony of the African Development Bank's annual meetings Wednesday May 16, 2007, in Shanghai, China. China has already forgiven more than US$1 billion in debt to it held by African countries, and is estimated to have provided billions of dollars (euros) in...
Delegates of African nations chat before the opening ceremony of the African Development Bank's annual meetings Wednesday May 16, 2007, in Shanghai, China. China has already forgiven more than US$1 billion...   (Associated Press)
African delegates for African Development Bank's annual meetings chat as a Chinese official, top, stands nearby Monday, May 14, 2007 in Shanghai, China. Chinese-funded dams and other projects potentially threaten Africa's environment and local populations, an environmental group said Monday, urging Beijing to avoid similar mistakes made by Western donors....
African delegates for African Development Bank's annual meetings chat as a Chinese official, top, stands nearby Monday, May 14, 2007 in Shanghai, China. Chinese-funded dams and other projects potentially...   (Associated Press)
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people, including nine Chinese, will not stop it from investing in Africa, but added it planned to boost...
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people,...   (Associated Press)
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people, including nine Chinese, will not stop it from investing in Africa, but added it planned to boost...
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people,...   (Associated Press)
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people, including nine Chinese, will not stop it from investing in Africa, but added it planned to boost...
A Chinese construction worker supervise the building of a road, Thursday, April 26, 2007 in the Ethiopian capital, Addis Ababa. China said Thursday that a deadly attack in Ethiopia that killed 74 people,...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

China picks up where the West left off in Africa
New York Times

China slammed for sqeezing out local African businesses
BBC

 
China • Africa • oil • Chad • World Bank • Tanzania • trade • Chinese emigrants • Zambia • mineral resources

More Newser Stories

China Seeks Oil in Africa

China's Africa Aid Has a Price

China Raises Profile in Africa

Venezuela to Leave IMF, World Bank
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne