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Monday, 07 December 2015

Africa Drawing Lessons From Accelerated Development in China

The development of the People's Republic of China has been a remarkable achievement in terms of its rapid pace and global impact, and the Chinese experience provides useful lessons for Africa at a time when several development models have been attempted since political decolonization began in the 1950s. The current African model of development is the integration of many fragmented post-colonial polities into larger groupings, initially for purposes of economy of scale for trade, investment, and infrastructure development. African countries have long acknowledged that with generally low per capita income, vast but untapped natural resources and single-commodity dependence, they cannot individually sustain growth and development within the global economy. The continent has the largest mineral deposits in the world in terms of quantity and diversity and, despite being home to the largest number of least-developed countries, Africa the second fastest growing economy after Asia, growing at an average five percent per annum in recent years. China went through similar development challenges to Africa following liberation in 1949, before embarking on economic reforms in 1978, and overtook the United States as the world's largest economy one year ago in December 2014, now slowing its economic growth rate from over 10 percent in recent years to less than 7 percent to avoid overheating.

Source: All Africa