Having developed extensive capacity in building its local infrastructure, China is now sharing its expertise with Africa to help construct and upgrade infrastructure and production capacity. Support is often targeted at extractive industries across base and precious metals, ferrous and non-ferrous metals, and energy. As Africa develops its natural resource sectors, diversifies local economies and grows capacity for greater beneficiation, it is growing a sizable middle class. As a result, China has identified Africa’s increasing consumer base as an important market.
Chinese authorities are also developing the Renminbi (RMB – the official currency of the People’s Republic of China) as a currency of international trade. While not yet a major currency in terms of volume, the Renminbi’s projected growth as a currency of trade is considerable. As its global activity grows, it will have an enormous impact on the way business is done in Africa, as China is now one of its largest trading partners