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对外经济贸易大学硕士学位论文中国企业对非洲直接投资的现状，问题与对策姓名：欧瑞申请学位级别：硕士专业：国际贸易指导教师：孔淑红201103 摘釀自从独立以来，非洲已通过不断地提供政治和经济方面改革等许多努力来提高人民的生活水平及发展非洲大陆。尽管有了这些改革，非洲仍然面临着消除持续饥饿和贫困增长的问在作为接受东南亚国家(SEA)持续及流动性外国直接投资后，中国仍然面临许多挑战，由于其产业化调整(包括对原材料和市场研究搜索，以支持其生产和维持其经济增长)•所以中国通过在非洲的直接对外投资的方式来解决其当前的挑战。尽管其数额低，但是由于中国对自然资源的依赖仍然存在，该方面投资必定将增长。鼠然授資枫脯嘶，谨取融飛越浙的贸易疫哎现但個他術雌媚詡受到各种问题的制约:包括基础设施薄弱，政治不稳定，非洲脆弱的金融结构,社会和文化的差异等等。有些投资已导致当地企业倒闭。此外，中国与非洲的合作方式为与备國侖祚,，与十企肅洲粛齢作。为了使投资取得最好的经济利益，需要一些努力•首先，非洲的经济区域需要扮演一个通过共同投资法建立大共同市场•其次，投资应多元化，应当加强在基础设施领域,特别是在农业产业的投资。再次，中国和非洲都应找到一个监测和控制中国企业在非洲活动的共同基础。美键词，企勉中国非洲，间题，对策AbstractSinceAfricahasconstantlyioprovidemanyeffortsthroughbothpoliticalandeconomicreformstoimprovetheIxxingstandardsofitspoppleanddevelopthe綁你卿山Al^pitehavingthesereforms,Africacontinues腳”ingagainsthungerandpoverty.AfterbeingthecountryinSoutheastAsia(SEA)toreceiveanincreasingandsustainedflowof FDI,Chinafeces如测j(誠lallengestodaydueXoitsindustrialization,includingthesearchforrawmaterialsandAAMkAstresearchtosupportitsproductionandMaintainitseconomicgw.wjthAChinasFDIinAfricaisthereforesuchawayforChinatoaddressitscurrentchallenges.ThoughtheirAMountarelow,investmentwillgrowasfarasneedanddependencyofChinainnaturalresources^cemaiiLAlthoughinvestmentsareheaeficialforbothparties,whichisseenwithincreasingtrade,theyraiseandareconstrainedbyvariousprobl^MAilAAUdingweakinfrastructure,politicalinstabilityandweakfinancialstructureinAfricaaswellasbysocialandculturaldiversities.Someinvestmentshaveresultedintheclosureoflocalfirms.Inaddition,China购QpprateswitheachAfricancountry,not砒MXonomicregionsnorwithasingleAfricanmarket.FortheMM妙menttomakeexcellentyields,firstMfti述皿Aa怎economicregionsAht)uldactasacommonmarketthrough从AAnAAAAAinvestmentplan,secondinvestmentsshouldbediversifiedand郡阿@henedinthefieldofinfrastructureandj^P^ciallyinagriculture.Andatlast.bothchinaandAfricashouldfindacommonbasisformotoringandcontrollingtheactivitiesafChinesecompaniesinAfrica.Keywords:砸filMAF(斓删ADkActInvestment,ChinaAfrica,Problems,Countermeasures 1.INTRODUCTION1.1BackgroundSino-Africanrelationsrefertohistorical,politicalmilitary；isocialandculturalconnections.AttherelationsbetweenChinaandAfricawereiriore猝htingto旳哦b+southAIDindifferentMilth)t丸伽fhcan稗惋晰s,iww»W>eWikipedia.org.ChinaalsohastradetiesforalongtimewithAfrica.Globalizationhasdevelopedonei)fthegreateconomiesintheworld.AfterbeingforalongperiodoneoftheunderdevelopedcountrywhichreceivedanimportantbfFDI,nowchinawantstosustainitsproductionintheworld.Althoughchinaisoneofthegreateconomiesintheworld,itstillwantstomaintaintraderelationsWith.AfricaItsearchfornaturalresourcestosatisfythedemandofindustrializationhasletittoAfricaAfricaisarichcontinent,a^virginland",richinnaturalresources,suchasoil,timberandgold.ForthisreasonAfricabecomessoagreatopportunityforChinainitsdevelopmentprocess.In1990,tradebetweenChinaandAfricain2006totaledmorethan$50billion,withChinesecompaniesimportingoilfromAngolaandSudan,timberfromCentralAfrica,andcopperfifoftllZambia.DdiridndfromChinahascontributedtoanupwardswingin荫两,1particularlyforoilandiditdlsfromAfrica,andhasgivenaboosttorealGDPinSub*SaharanAfriaaJStrongChineseifetnandforoilis⑷耳i帀butingtoanincreaseinthejippprtbillforiilanyiaiitimportingSwh+SMharanAfricancountries,anditsexportst)flow-costtextiles,while帕耳©fitingAfricanconsumers,isthreateningtodisplacelocalprp^yction.1.2DefinitionForeigndirectinvestmentreferstotheacquisitionbyaforeignindividualorWgamizationOfacertainquantityofthestocksorsharesofadomesticcorporationorfirm,orlong-termloansprovidedbyaforeignindividualorWganizationtoadomesticcorporationorfirm.Inother禅阿飙iForeignDirectInvestment(FDI)isthefinancialinvestmentguyingriseand郭样卩iningovertimetheinvestorssignificantdegreeofinfluenceonthemanagementoftheaffiliate・TheinitialiffttStmentcanbethepurchaseofanoptingfirmbyacquisitionorbymerger,theso-called"M&A”aswellasthef^Wdationofanewlegalentitywhousually-butnotnecessarily・makesagreen-fieldrealinvestment.AccordingtotheBalancePaymentManualfifth轲祢nil(撕M甸，FDIreferstoan investmentmadetoacquirelastinginterestinenterprisesoperatingoutsideoftheeconomyoftheinvestor.Further,incasesBtfTIPijKtleinvestor'spurposeistogpinaneffectivevoiceinthemanagementoftheenterprise・TheforeignentityorgroupOfassociatedentitiesthatmakestheistermedtheVdiirectinvestor*1.Theunincorporatedoriijqcprporatedenterprise-abftnchorsubsidiary,respectively,inwhichdirectinvestmentisIftQB印德referredtoasa”direct13僦tmentdegree6f口pityownershipisalmostSTW^ilafcHSiiieredtobeassociatedwithaneffectivevoiceinthemanagementibfanenterprise;theBPM5Tsuggestsathreshold10%ofpqpityownershiptoqualifyaninvestorasaforeigndirectinvestor(UnitedNationsdifferenceonTradeAnd口胃ctopment).AccordingtotheOrganizationforEconomicCooperationandDevelopment,adirectinvestmententerpriseisanjtjppirporatedorunincorporatedenterpriseinwhichasingleforeigninvestoreitherowns10%orHoreoftheCTffinaitysharesorvotingpower6fanenterprise(unlessitcanbepfpventBatthellWJ^ershipdDesnotallowtheinvestoraneffectivevoiceinthemanagement)orlessfffan10%ofthe(pr(jjnaryshBresoryqtingpowerofanenterprise,yetstillmaintainsaneffectivevoiceinmanagement.AneffectivevoiceinmanagementWilyimpliesthatdirectinvestorsareabletoinfluencethem?^gementifanenterpriseanddoesnotimplythattheyfiWeTjftJSIilfecontrol(UnitedNationsCkJftferenceonTradeAndRqy^lppment).Inabroaderdefinition,FDIconsistsoftheacquisitionorcreationOfassets(e.g.firmequity,land,houses,andoil-drillingrtgsjiwMemtpMenrbyforeigners・Ifintheseenterprisestheyarenotalonebutacttfigetberwithlocalfirmsand/orgrjMSffiiftients,onetalkof"jointAcountryoutflowOfFDImeansthatitis"exportingmoneysto“buy，or“build'，foreignproductivecapacity,whoseownershipWilTlifemaininthefirstcountr/shands・Foracountry,attractinganinflow6fFDI?|i)qi|gthentheconnectiontoworldwidetradenetworkandfinanceitsdevelopmentpath・SinceitisthroughFDIThatafirmbecomesamultinational,onecouldsaythatit*stheFDIprocessthatgeneratesMNC(multinationalcompanies).Thereverseisalsotrue:firmstftatarealreadymultinationalgeneratethejn^jprityOfFDIflows.FDIhasthreecppniponents:桝pitywhichreferstotheownershipinterestinthefirm;reinvesteditmeanstinatinvestorsshareofapingsarenotdistributedasdividendsby那丁血proportiontoitsshareinthe(sayforifiMai&feT50%inacertainjointventure);Intracompanyloans:Ithappenswhentheinvestorborrowsfundstothe确］鏑携usuallywithouttheintention®faskingthemoneyback. Internationalinvestmenttheoryi^dudesavarietyofdifferentschoolsofinternationalinvestmenttheoryandidea®滋为elativelycapitalabundantcountrysaysMmewould曲》her瑚ortacapitalintensiveloforeign,orinabsenceofcommoditytrade,movecapitaltoforeignwherereturnsoncapitalarehigherandreturnsonlaborareloweruntilfactorprice硼对izationisadiieved.M^W>ugall(I960)and斑网羽*pectedthatcountriescould期嘶pulatereturnsandcapitalflowbyloosingtaxesoninternationally诚Qbilecapitaltoenhancetheirwelfare.ForHymerand於谕鞭berg(1969)FDIwasassumed納bBlinkedtoMMhhtionalswhicharelargecompaniesWithacontrolof垃洽ketpower.Theyfocusontheconcept&f时诙icadvantagestoexplainwhyfirmsenterforeignmarkets.Theyarguedthatforeignfirms就edownership^^ntagessuchproductdifferentiation,managerialexpertise,new输加ologyortheexistencebfhiemalandexternaleconomiesofscaleorinterferenceiobalanceoutdisadvantagesibf辩乡ringaforeignmarketinordertocompete妙ithlocalfirms.Caves(1971)focusedonproductdifferentiationas莎泌垃ibpolisticadvantageclaimingthatimperfectcompetition朋豹uragesMNEstodifferentiateproductsandengageinhorizontalFDI.Accordingtohim,FDIwaspreferredthanlicensingorexportingifknowledgewasemployedinproductdifferentiationmtoerthanin鸭娜agerialskills.AccordingtoBuckleyandOasson(1976)claimedthatmarketforbt^hediategoodssuchasproductionandmarketing將湘i掘却managementskills,^mpc^entspartsorserviceswereimperfectandcharacterimfcisyhighrisksanduncertaintyleadingiohightransactionscostssuchasinformation,enforcementandbargainingcosts.Dunning(1977)bringstogether淤協ntheoryandtraditionaltradeeconomicsio钢弊赫滋協ctricparadigmofFDI,synthesizingthereasonsfor®rmstooperateinternationallyandtheW)deofentry.Inchinathereare^&meauthorsstudiedaboutchina'sinvestmentinAfrica・ThisisthecaseofHUSHENGXIA(胡盛霞)，200&analysesacurrenteconomicsituationJbfinAfrica,china'sioestmentinAfrica,itscharacteristics,causesofproblemsandinvestmentfactors.KANGSHENG(亢升),2007,analyzedrisksofinvestinginAfrica.Hefoundihal^somecountriesarehigherriskscountriesandthenthereisanecessitytosecureoilinvestment・MOKETA(莫克塔),2009,analyzedthetradesituationbetweenchinaandAfHcabycomparison.Hefoundthereasonsofj^blemsrelatedtotradebetweenchinaandAfricabycomparing规切潮》尹勺谢icalsystemandthe谢遗hmcoftrade.和弭ppportanceoftheretsiearchAfricaisalrithlandandprovidesanimportantflyaptityofrawmaterials:oil,miningwo尊莎覘fish,andtimber.Attheendoftwentycentury(1990)Africangrowthstartingtobemorestable.Evengrowthratestartingtoincrease,AfricaneedsForeigndirectInvestmentforitsgrpwjth,aswesterncountriesdevelopmentWereimprovedbyFDIaswellisChinamwilChinaisiinvestmentinAfricaisgrowing atthehighspeedlevel.TradebetweenchinaandAfiiaaalsoisincreasing.ThedevelopmentofactivitiesbetweenchinaandAfricaalthoughbenefittobothsides,theyareraisingsomecriticsduetb1problemsincurbythatinvestments.Forthesereasonsit'simportanttostudythecurrentsituationofChineseinvestmentinAfrica,theproblemsincurbythoseinvestmentsandthecountermeasures.1.5FrameworkThefirstchaptershowsthepurposeOfithis种w紂,thesecondchapter;analyzethecurrentsituationofChineseinvestmentinAfrica.ThethirdchaptermentionsimpactsbfFDI,thefourthchapterrevealssomeproblemsrelatedtoinvestmentsandinthefifthchapterWewillseesomecountermeasures・1.6ContentsI)InthefirstchapterWeintroducedefinitionandtheoriesoninvestmentandbfldomestudiesonimviastrtient.InthesecondchapterWesawhowChineseenterinAfrica.Andtvefoundthatmostofinvestmentsarejointventure昭沖ciallyinconstruction;2JWefoundthatproblemsarisebecauseofthehighrisksmarkets,thepresenceofdifferenteconomicregionsandthehighproductioncostlevelwhichallowlocalfirmstoclose(townortomovetoothercountries;J)>Wt1talkaboutsomecounterMeasureswhichwillallowchinaandAfricacooperationandchmafS1investmentinAfricatobamorebenefitforbothsides・1.7MethodologyandLimitsoftheExarchThisresearchisbasedonliteraturereview・Statisticsdataallowedustoprovesomeevidence.Still,wemetdifficultiestofoundsomeinformationwhichwouldhaveallowedustoperfectthisiworL 2甌CHINESEFIRMSINDIFFERENTSECTORSOFECONOMYOF^2RICA2.1ChinesefirmsindifferentsectorsofeconomyChineseandAfricanrelationshipstarts50yearsagoandtheirrelationshipsl&vemorerelatedtosouth-southhelp・Sincechinahasl&enggenedtotheworldin才旳暁2therelationsbetweenchinaandAfricahasimproved・Afterbeingfora枪ngtimeacountryofAsiawhichreceivedmoreimportantFDI,nowchinaistheMostimportantinvestorintheWprkl2ChinahaschangedhisrelationinAfrical^bgcomingtheiflostimportantinvestorinthatbigarea.2.1.1TheoilindustrymanyAfricancountriesadoptedensurestoattractFDIas%ellasioimprovethej卿actofFDIontheir购渤05ient・Thegrowingeconomy0fchinaincreasesitsneedinrawmaterialespeciallyinoilinorderiodevelopitsindustry・Chineseneedforoilorgf^rgyissoj^^singyeartoyearbecausechinawantstomaintainanddevelopitsexportation.AlsoFDIinoilincreaseinAfricabecauseoftheinterestinnaturalresources,improvedprospectsforcorporateprofitsandthemorefavorablebusinessclimate・Chinacurrentlyimportsabout呦fofoilconsumptionfiomtheMiddleEastandthatpercentageChinainvestmentinoilandClergyftomUSD317millioninisprojectedtogrowincomingdecades・Theextentofthecountry'senergyhasalsocompelledchinatopushintonewmarkets,particularlyinAfrica.22004toUSD392millionin2005.Byih^2timeanotherincreaseinoil£0grgyinvestmentwasexpecting.ReservesinsubSaharanAfricahaveattractedtheinterests0fChinesenationaloilcompaniesastheyseektoincreasetheirinternationalexposure・SinceAfricaistheminorinvestmentdestinationforOECDcountries,Chinahassignificantlyincreasethesizeandnumbertheirpyg^ectsinAfricaespeciallyingolf&fguinea.Whiletheydonotcuttingedge,china'sboomingeconomy,whichhasaveraged9%growthforthelasttwodecadesrequiressustainingitsgrowth.Thoughchinarelieson£2>alformostofitssaiergyneedssinceitisthesecondlargestconsumer&foilintheworldMiindtheiifatAdStates.OnceaexporterinAsia,china泌ameanetporter0foilin1993.TheInternationalAgencyprojectschina'snetoilimportsto13.1millionbarrelsperday磔2IB0from3.5millionbarrelsperdayin2006・ChineseandIndiaenergycompaniesofpossible磁q嗨gesoverwesternmajorssuchasaccesstocheaploansextendedbystatebanksj®^jgularlyforChinesecompaniestomakethemcompetitiveinbiding. Chinaimports3Q%ofitsoilconsumptionAfrica.In2005,chinaimportedoilfromSudan,Angola(themajorggg)ortoilOfchinacamefromAngola),Gabon,Nigeria,Algeria,andCongoBrazzaville.Inthesameyearchinaprojecteditsoilconsumption£fiorethandifittllionbarrelsaitsTabpjRjjuctionwasprojectedonly编Oimd4millionsadayforthesameyear.Chinahasteewcdnvolvedinvariousoilbusinessdealswithamajorityofthe19countrieslistedbelow.Ithaseitherestablishedacbeenpursuingoildealswith100%ofthosecountriesthathaveatleastQ・5billionbarrels©fprovenreserves6(iU)CUtenantCommanderCindy阪j•眈(jjdy2006)・CCCCCCCountry/regionOil(BillionBarrels)Algeria11.350伽gola5.412Benin0.008Cameroon0.400Chad1.500伽ggg(fazzaville)1.500Congo(Kinshasa)0.187Coted'Ivoire0.100Egypt3.700虧聊锄jalguinea0.012Ethiopia0.0004Gabon2.499Ghana0.017Libya39.126Morocco&001Nigeria35.876C:Africa収Kpvedreservesoil.22CindyHurst硫第就wurity‘UnitedStates,july,2006,PP4~14 SouthAfrica晌6Sudan&563Tunisia卿08TOTALA102.580Source:CindyHurst2006ThetableshowsthatChinesecompaniesfoundSfioreoilreservesoilinLibyaandNig叔.Chinaconsumedanestimated83millionbarrelsperday(bbl/d)ofoilinthatsameyear,Chinapjgjiuced3nestimated4.0millioniMdoftotaloilliquids,ofwhich96percentwascrudeoil.Chinasnetoilimportsreachedabout4.3million硕国§且瞅)9,makingitthesecond-largestnetoilimporterintheworldte^iindthe対nitwdsStatesandforthefirsttimesurpassingJapansimports.IEA(International珈関郵SA够ncy)forecaststhatChina'soilconsumptionwiBseontinueiogyogysdviring2010and2D1%withoildemandses^hingalmost金6millionbarrelsadayin2011.Thisanticipatedgrowthofover1.2million坳i/dbetween2S09and2011representsabout37percentofprojectedworldoilgrowthduringthe2-yearsperiod5accordingtotheSeptember2010Short-TermEnergyOutlook.Inthelongerterm,EIAsInternationalOutlookprojectsChinese^Snand&fliquidsfuelstorisetoast)und17million扭Mdby2035.AccordingtoOil&GasJournal(OGJ),Chinahad20.4billionbarrels&fpjpvenoilreservesasofJanuary2010,upover4billionbarrelsfromtheprioryear.Africaholdsafractionoftheworld'sprovenoilresseBrvesof9%comparedtotheMiddleEasfswhichabout62%is.Analystsbelieveitcouldholdsignificantreserves.Asaresult,Chinaisseekingtoincreaseitsoilimportsftomthecontinent.ItnowJ88®ivesabout30%ofitsjggx)rts&foill^ffiSAfricaofthecontinent'stotalexportsin28)06;bycontrast,theOfiifisdStatespurchased33%ofthatyeafsgaqx)rtsSfiSfiSA碗a・China'sbiggestsuppliersinAfricain2006wereAngola,theRepublicSfCongo,巔於torialguinea,andSSfiiair£S«heSe80%ofAfrica'sescorttochinaSSiftfcTable2:ChinaimportationofCrudeoilandPetroleumProductsRefinedinlOOOOtonsandISSD10000ITEMCRUDEOILPETROLEUMPRODUCTSREFINEDYEARVOLUME9MOUNTVOLUMEAMOUNT20002,0271,486,0661,805365,70620016,0261,166,6452,145376,9402002矽411,275,7312,034379,826翻谊嗣丽EnergyAgencywww.IEA.org2010- 2003蝕121,980,8732,824586,118200412,2813,391,1683,787923,930200512,6824,772,2933,1431,043,465200614,5176,641,1903,6381,042,554200716,3177,977,0913,3801.643,675200817,88812,933,5003,885测,432200920,379艇國5,5593,6961,698,396&2urK22btolonalBureaud^^tisticsofChina・CRUDEOIL■PETROLCU21PRODUCTSREFINEOFigure1:Importationt)fcrudeoilandpetroleumProductsRefinedByChinaSource:NationalBureau£>fStatisticsofChina,http/www.stats.gov.cn2.1.2逊tinInfrastructureThesecondimportantareainwhichchinaisalso回ingto沏矽moreisinInfrastructure・SinceAfricaisstilllessequippedininfrastructure,Chinatrytoreinforceits师nshipSCi1122Africabuildingroad,bridge,hospital,andmftasCructureofcommunication,railways,dams,hydro-schemes.Sometimes,developmentaidfromchinatakestheformoftamtmentiniaataaructure,equipmentand赵鮒仙ereare2dsomajorsocialproject20chaspublichousing,hospitals,clinics,schoolsand泌rtsstadium.ThisisthecaseofGhana,Congo0麼22厘？imdfflSt/ongoKinshasa)andEgypt.AfricaneedinfiaW热Ege-scaleinfrastructuralprojectsforitsdevelopmentandforattracting繼阴2ftivestmentuctureisthe徹inobstructiontointheregion.Thelackofbasic加feastadevelopment.Infrastructuremakesconnectionsamongthe霞@期，andamongregionsmsidethesamecountry.tmentorfundsandSincethepgiodofindependencemanyAfricancountriesstayedunderdevelopedbecauseof,inpartofthelackofimportantalsobecauseofthelackofcohesionbetweenpeople.Chinaby矽kinginvestmentin iiifrastructureisgivingtoAfricaanewwayto旧卸pgqchallengesrelyondevelopment.Transportinfrastructureisapig-ii^quisiteforanyviableeconomicdevelopmentofacountry.Anefficientinfrastructureoftransportandelectricityarenecessaryforanycountrytocompeteeffectivelyintoday'seconomy.Thisistruefordevelopedaswellfor4PW)lopingcountries・WhilesiAnSaharanAfricancountrieshavethebasicbuildingblocksofatransportimfitagtirudtiunejithisinfrastructureisfarfrombeingefficient.ThepresenceofChinesecoiistiructioncompaniesinAfricaseemstobemajorissuesorpotentialsolutionstosolvethetransportandotherinifrastructure・Chinainvolvementinconstruction'sinvestmentinZambiaisthetestcasetoilliustratethepresenceofchinainAfrica.DavidLindbergChineseConstructionInvestmentsinAfrica:thecaseofZambj%$tQCkolnxschoolofeconomics,Septembei2009.pp5・9Itcouldbealsoverifiedthroughtheimviastmeiitamountininfrastructuresince2004.whisincreasesyearto沐ar.Table3:EvolutionofChineseOutwardFDIinConstruction(inmillionofUSDollars)Sector200420052006200720082009infrastructure817.481203.991570321634.342680.703413.22Source:Chinaforeigndirectinvestment,2009.www.fdi.gov.cnINFRASTRUCTURE帀SW2：ChinaForeignDirectJnMQStrnent,2009. AmongiftWAAAxtractiveindustriesinAfrica^theco^&iructionindustryinAfricahasreceivedaparticularsharefit谕備湖职輙According/oLucycorking,constructionispossiblythesectorinwhichchinahasmadethelargestinvestmentinAfrica・ChineseAxmsiructionfirmsarealmostpresentineveryAfricancountryandhavequicklytakenMarketdominanceoverEuropeancompanies・InZambiaforexampleChineseAtructioncompaniesenteredsince1979andcontroljfaalfofthemarketbecauseaftheirlowcoast.ChineseconstructioninvestmentisalsopresentinwaterixwtellationandhydroelectricDam・2.1.3XkM^nercialenterprisesInthissectionAvewilltalkaboutprivateownenterprisesandimport-exportfirmsthatoperateinAfrica.ChinesewnunercialenterprisesinAfricaarecharacterizedRythepresenceQfretailtradethroughsmalltraders,wholesaletradethroughlarge-scale,ChineseimportersandsupplierslocatedwithinAfrica,whichbuyandsellproductsfromchina.They血慚clessuchaselectronicschoolfurniture,clothesaccordingXotheQfthemarket.AAbstAofthemareprivateownstore・Productsaresoldatlow4^^ThelowAntoinetofAfricanjj^opleandbj褊嵌辆ploymentrateamongyoungispartQfreasonswhyChineseitemsare触毗omedtoAfrica,sinceARanyAfricanconsumersxjaimotaffordexpensivepresenceofsmalltradersonthe创pundoustingsmalllocaltradersareaffectinglocal勵綁llationandresultinginXWiifcismsrelatedtothispresenceontheground.In2008,tradebetweenchinaandAfricareachedUSD106.8billion,marking/thatthe矽al^g^posed4>yBeijingsummitfortheforumonchina-Africacooperation"topush/ctowia-Africatradevolumeto100billionj^QIOwasrealizedaheadofschedule5'.In2009,thevolumeoftradedroppedto念］人盹训讹馳朋resultofinternationalcrisis,butimportof碉論lturalproductincrease4)y25%.ChinaAWcamethatyearforthefirsttimeAfiica'slargesttradepartner.PrivateenterprisesAlave脑yedaremarkableroleinachievingthatgoatSincetheglobalfinancial/odsishas加Effectedthe胸Omid'smajoreconomies.AfricahasAMcomeanew^toactiveplaceforinvestments-Someentrepreneurswhodaredtothinkandact敝enttoAMHcaoneafterrushingforgoldinthe"lastvirginlandontheplanet".ThisistheAiasecftftSenegalthemostwesterncountryofAfricawherethesesameplantingprogramoperatedpytheprivateChineseenterpriseTradebetweenchinaandAfricahasbeenpossiblebecauseofopportunities,suchasanimportantdemandofproductseven偏肿marginprofitsaresmall.Some tradersstartedpyexportingcommoditiesin繃icanowtheyfeavetheirownimplantmanufactory・Thisjsthe郦©efsometradersinNigeriawho泊ve郦nedasuitcasemanufactoryortextilemanufactoryinthe諒gion・ThedifferencebetweenchinaandotherEuropeancountries£oinvestinAfricawhetherintradeor穌昭ctionis命latchinasupportChinesetradersandMustriesthroughlowinterests論脳Stillaccordingjfo(S^n^pofthemtheydonot如lowhowjtworksandjtseemsMaatthoseloansareforstateownedfirm.(CaseofChinese^p^ructionfirmsinZambia)・Inif®centyears,steel,cop-per,chemicalfertilizersandelectronicitems删jiucedinchinahave册締ssivelyentered舸pan'smarket.Africa's舔portof碑触馭alproductstoChinahas畑en廠希鳩japidly.Localspecialties刚chasorangesfromEgypt,winefromSouthAfrica,cocoabeansfromGhana,邮伽efromUganda,oliveoilfromTunisiaand邮fromEthiopiahave斑cqpwfamiliartoandpopularamongChinese豳解卿环・Becauseofthej^pactpftheinternationalfinancialcrisis,Chinasawitsimports命o^pAfricadroppedin2009,butimportagriculturalproductsincreased25%.WhileAfrica'stotalmerchandisetradewithChinaincreasedfrom$25billionin2004f•:to$93billionin^QQ^p^frica'stotalmerchandisetradewithIndiaincreasedoverthesameperiod$9billionto$31billion,anditstradeBrazilincreased伽m$8billionto$23billion.2.2HowChinesefirmsenterinAfricaAmongallthe歸關attire,itisdifficulttojlpiowChinesestrategytoentertheAfricanppprk^p^ewilltalkaboutChineseentry[jpodeinAfrica,sincefromthestrategydependsalso^^jjnology觥pTransfercan|±>esuccessful,ifasuitable轴oiceismaderegardingthemechanismandorganizational^^jjgementspoftechnologytransfer(Grosse,1996).Therefbre,theentrymodeehosenisnotonlythewayfortransnationalcorporationstoenter谬foreigncountrybutpitis風soamodefortransferringknowledgetooverseassubsidiaries.(John曲|创8綢0IGand命SAIMEI書彌.,2007).Someentrepreneurs由ave曲eyown由辭inessinchinaoralreadystartedpitinchina.OtherswereworkersforcompaniesandcreatedlatercompanyJbytheirownintherbostcountries.Whatisverysure即mestateowncompaniesmaypbesubsidiary,franchisingandorbranches?Manyclassificationsofentrymodearediscussed也yscholarsfromtheinternationalbusinessmanagementperspective.S&ichasAndersonand^sgnon(1986)whodividedtheentrymodes宙tothreekindsaccordingtothe6fcontrol:Highcontrol&&)d6^MediumcontrolftfodeandLowcontrol(2001)whogroupedtheentrymodesintofdurtypes:tradeandcebsbJ韓trad©,contractual醐ssoi,strategicalliance,andforeign &跆81飭vestment・Thosewhodiscussedtheentrymodesfromtheknowledgefi^fisferperspective.Grantwb^sidentifiedthreefundamentalwaysofintegratingexternalknowledge:internalization,^Srketcontractand悄IS&onalcontracts.Grosse(1996)whofiiewtifiedthemeansthatwereoftenusedforinternationalffisbsioksgytransferinservices,includinglicensingandtechnicalassistancecontracts,trainingandturnkeycontracts,representationandfi^SSgementandR&Dcontracts,co-productiona^t^mentsandsubcontracting,exportingandforeigndefectinvestment.Mathews(1996)addressedfivecooperative瞬策StiSSn&g,alliance,equityinvestmentandjoint€®S6ireSS$DUNNINGAND握》But俩11focusonbrasictes^ssubsidiariesandfranchising.2.2.1BranchesBranchesareformsofdefect(salesoffice,liaisonoffice)oftheexportingfirminaforeignfi^SefSthatdoesnotfi§velegalpersonalityand甜寒ifictax,unlikethesubsidiary.BranchesisconsideredasapermanentestablishmentbyOECD(Organization6fEconomicCooperationandDevelopment),asare血o,5SfineandFactory・Wecan戏Micethepresence6S3?ank6fchinain2&&ibiawhichaimsR)help斷淞citizensiniSfiOtment6ftheirpes^ctsinthecountry.AndalsothepresenceofaSSSOtrtfiSionbranch6fBeijingYanshanpetrochemicalCompanyalsoinZambiaDavidLindbergChineseInvestmentinAfrica:thecase6fZambia,Stockholm,School出EconomicSpSept€rnbei2009・ppl0«60andmanyotherEnactioncompanies.Benefits6fopeningBranchesinforeignmarket隣烏絡11controlofitstradepolicy,abelterknowledge6fitsmarketandtherecoveringoffullbes^fitsbythecompany.Hawsver,ithastobenoticedthatmanysalesoffice卿edallysmalltradersJonottessvcsssbetterknowledge6fAfricanMarket. 2.2.1SubsidiariesSubsidiaryisacompanyoflocalnationality.Itisanthatiscontrolledbyaseparatehigherentity.Thetrolled剜ityiscalledcompany,corporation,orlimitedliabilityCompany,andift2somecaseitcanbeagovernmentorstateownedenterprise,andthecontrolling魁tityiscalledparentSMEandentrepreneurship2ceseffixhcenter^ftheuniversityofliege-LondonBusinessSchoolwww.eur-export.com^OllAparentcompanydoesnoti®veiobelargerormore"powerfulentity^.Itispossibleforthe赠renttobesmallerthanasubsidiary.Themainadvantageofthisstrategyisthefactthattheycouldbesiatm)wnedfirmsorlavehelpfor磁墜轉lentlikethewayChinesefirmsoperate［哒贞^姿・ManyChinesefirms,魏?ciallyjointventuresarepresentinAfrica.Additionally,subsidiariesarecompaniesthathaveverygoodmarketknowledge,andacontrol©femarketpolicy.LiteratureonChineseFDIin2^irKacannotunfortunatelytellushowmanysubsidiariesfromchinaoperateinAfrica.Butfromthewaytheyoperate3vecanconfirm攵bat必eyRianysubsidiariesfromChinawhichoperateinAfrica.Disadvantagesofsubsidiariesarethefactthattheyhavetowithlocal22醪审聊旳ns,theirfinancialcontrolaredifficultandtevehighamtiafemvestmentsandfixedcosts.2.23FranchisingFranchisingisthepractice©fusinganotherfirm's型QsassiUlbusinessmodel・Thefranchiseissaidtolaveagreaterincentive&Effectemployeebecauseheorshehasadirectstakeinthebusiness・Franchisingoften迦却peninbrandcompaniesanddistribution.BecauseSKQKSfebteisiiiessescreateabrandwhichis2£sed2aroundtheworld,suchasIKEA,Carrefbu匚WecanmentioninthisstrategyHisenseGroupinSouthasasuccessfulbrandwhichcanbeaft&IcomedasaChinesebrandinallAfrica.Hisensewaselectedasthebestsupplier力ylocaltradersandHisenseTV3?ereelectedasthe交estqualityproductinSouthAfrica.OtherfirmswithlargescaleenterAfricanmarketslike妙迎瘢範2険迦^logyCorporationswhichrepresentative^branchessellgoodsin40countriesofAfrica.Becauseoflackinformation,itisdifficulttoproofsomeevidenceeither越^gemingfranchising,branchesand翅國diaries.Althoughiftost2)fthese璇或egiesrequireagoodknowledgex)fthemarket,mostofChinesefirmsenterinSiricawithoutagoodknowledgeofAfrican markets.Lowcostsandtheexistenceofthemarketarethe關lymotivesthatallowChinesefirmtoinvestinAfrica.SinceEuropeancountriesfeartoinvestin朋ghrisksareas.Todate,estimatesofabout3000offirmsinvestinAfrica.Table4:FlowofChineseimnestimntinAfricaYearsContinents2003200420042006200720082009world2854.655497.9912261.1717638.9726506.0955907.1756528.99(Africa74.81317.43391.68519.86违74.315490.551418.87Asia1505.033013.994484.177663.2516593.1543547.540407.59NorthAmerica耐5126.49320.84258.05iM2f.71364.21弱24.93SouthAmerica1038.151762.726466.168468.744902.413677.257327.9丽ON145.03157.21395.49597.711540.43875.793352.72Oceaniat33n>88120.15202.83126.36770.08迪54.872479.98Source:www.fdi.gov.cif ■AFRICAIfcASlAaNORTHAMERICA■SOUTHAMERICAsEUROPE•OCEANIAFigure3:Chinese'investmentintheworldSource:ChinaForeignDirectInvestment,2009report.www.fidi.gov.cn7StatisticalBulletiniofGhina'sOutwardForeignDirectlnvestment・,2009FP78・83MinistryofCommerceofChina.www.fdi.gov.cn. CHINAINVESTMENTINTHEWORLD2009很RRICA■ASIA■NORTHAMERICASOUTHAMERICA■EUROPE■OCEANIA6%5%2%©erecttowjstment2009rqx)rt3%Figure4Source:chinaForeignwww.fdi.gov.cnFromthetable购ndfigure3CwecanseeChatFDIto(Africahasincreasedfrom2003toaOOQjwithanimportant盹&easeinSOOQlJnthatyearFDItowardsAfricancountriesshift险创•54驱55液2008to1438.87in2OO9.Thisistheconsequenceof鉅昶餉ationalcrisis.TheStaleyear,tradebetweenchinaand曲ftiaaalsodecreased・From血)03toQ©O89CfiSv®§tmentfromchinainAfricaincreasedfrom74.8iiaittionstoS^ISOftiillionscorrespondingtoanaverageof92鰐％In2009,aofChineseoutwardFDIinAfricareached71.66%.industry200420052006200720082009AAgriculture,forestryFishery288.66105.36185.04271.71171.83342.79BM^ing1800.211675.228539.514062.775823.5113343.09CManufactory755.552280.40906.612126.501766.032240.97DPowerandotherutilize78.497.6611&74151.381313.49468.07ECoeffitruction47.9501(8633d23329.43732.99360.22FTransport,warehousingandpostalservice828.66576.791376.394065.482655.742067.52GIT&0C50i4c7948c02303.84298.75278.13HWholesaleandretailing799.692260.121113.916604.186514.136135.75IResidentialandcateringtrade2.037.582.519.5529.574.87Table5:Distributionofchina'soutwardFDIflowsby滤®鯛0悄仙mUtionsofUSD) JFinance■■3529.991667.8014048就3X74KRealestate8.51115.63383.76908.52339.01938.14LLeasingandbusinessservice749.314941594521.665607.3421717.2320473.78MScienceresearch,serviceandgeosurvey18.06129.42281.61303.90166.81775.73NWater,environmentandpublicJ^jJl^lQianagemem1.200.13&252.71141.454.34OResidentialserviceandotherservice8S.1462.79111.5176.2116536267.73Peducation■■2.288.92L542.45QPublichealthandstxcialwelfares0.01■0.180.7501.91R砌純炉sportand地城binmen0.980.120.765.1021.819J6SPublic卿肿gementandMHcial^WWization0.041.73■•■•TOTAL5497.9912261.1721163.9626506.0955907.1756528.99£1血机fdil粥VJci?ThistableshowthetopfivefieldsofChineseoutwardFDIare:Mining,intransportwarehousingandpostalservice,andwholesaleandretailingandthenmanufactoryandleasingandbusinessjjj^^jj^griculturewithforestexploitation,fisheryandhusbandryholdthesixthplace.3JMPACTSOFCHINESEINVESTMENTSINAFRICAAfricaj«gi?tered5.8percenteconomicgrowthin2007,itshighestlevelever,inpartbecausedfChineseinvestment.Expertssaytheroads,bridges,anddimsbuiltbyChinesefirmsarelowcost,goodquality,andcompletedinafactionofthetimesuchprojectsusuallytakeinAfrica.Chinaalsocontributesp^g^keeperstoUNaiilslmnsacrossAfrica,includingLiberiaandDarfiw.Ithascancelled$10billioninbilateraldebtfromAfricancountries,sendsdoctorstotreatAfricansacrosstheandhoststhousandsofAfricanworkersandstudentsinChineseuoiMersitiesandtrainingcenters.1StatisticalBulletinofChina'soutwardDirectInvestment,2009,P90.Ministryof(UkMmerceofChinawww.fdi.gov.cn 3«llmpactontrade,price,costs,andtechnologytnmsferBAMOW)9.3.1.1Howoftra^e^etweenchinaand^Jrica.ForChina,Africaisanexcellentg腕plementtoitsresourceandmarket-seeking翻balagenda.Since2000China-Africatradehasgrownatanaverageannualrate8)f33.5%AlthoughstillsecondiotheJiaitSi^States(whosetradewithAfricaamountedtoUSD140billionin2008),traderosefromUSD55billionin2006toaroundUSD107billionin2008,accountingfor4.5%ofChina'stotaltradeandsurpassingtheUSD£00billiontrade飆getsetfor2010atthe2006ForumonChina-AfricaCooperation(FOCAC).Tradeissupported少yJBBdestyetrapidlyexpandinglevelsofdirectinvestment,whichreportedlyjumpedby77%inthefirstranBmonthsof拔Ogggmparedwiththesameperiodin2008.YEAREXPORTS2001600,5932002696,12120031,018,18520041,381,32220051,868,16020062,668,78820073,729,77320085,123,99220094,773,456TOTAL级険),390IMPORTSTOTAL479,3041,079,897542,7151,23&836835,9991,854,1841,564,6062,945,9282,106,2133.974.3732,877,174翻5,9623,635,9207,365,6935,596,694d0,720,6864,333,124$,106,5803?13^1,74943翩,139Table6:TradebetweenChinaandAfeteakfiBOm2003-2009ReportofChinaNationalBureauof勉林血辭vw.stats.gov.cn 6,000,000■EXPORT■IMPORTFi^^|：6^radebetweenchinaandAfricaSource:ReportofChinaNationalBureauofStatistics,2010.www.sUigoMiiTbss行聽eshowsani嚨齬ingtradefrom2001go2008withadecreasein2009.6666666666666.3.1.1Lowpriceo私腮g^Q&roductsfromchinaPricei%veryimportantintrade.Itd$腕lineswhethera^pigjnakeprofitsoris^goingto1瞬moneythengoonbankruptcy.WhenChinesecompaniesinvestin临catl^y6^pecttomakeprofitsastheegj^6firmhasasgoaltonmnnizetheirpjg^t^6fricei$thereforer^doncosts.Inthecaseoftextileindustryandothermanufacture,ithasbeenobservedthatChineseproductsaresoldatlow6priceandtheconsumeri§i^^^singhisorherwelfareb^lniyingcommodityUsscheaptlggnwas.Whetherclothingorotherconsumption^x)d§^Chinesei戚gtriesaresupplying4秫ca弔lowprice・'3.13蘇&甌hsytransferandknowledge飞能剜舫gytransferi§thetransferofthecapabilitytomanufactureaproductorprocessfromfirmsinonecountrytofirmsinanother.Consequentlythetransfercanbeconsideredas鬲鹹o前alwheni£referstothetransferoftechnicalinformationfromoneproject®another.Transfercould^l^be^rticalwhenitreferstpthetransferoftechnicalinformationwithinthevariousstageofagg^^cular励RationprocessMarkCasson,Multinational^orj)orathr^l990.pl86.Thefirstonereferstog廃協1itemsliketoolsandthe祖or虚referstoinformation塘alamustbeacquiredifthephysicalequipmentistobe阖izedeffectively.ThisisgoingJomentiontheproblemoflanguageand型mbjb胸褐减>11・Sincemost©fAfricancountrieswherechinaspeaksEnglishorFrench,and 劝硕需§期chnologyisinChinese,it删illraisetheproblemofunderstandingChinesetechnology・Becausetheyarecostsj)fj^^)rmingthevariousactivitieswhichhavetobeconductedtoensurethetransfer.Andthosecostsawedgreat盛fromotherindustriesforplantconstruction,andequipment验eventhoughnotallthesewilltevetobetransferredioensurethesuccess出foneproject.Anotherproblem揄atcouldraisethetechnologyisthetechnicalandmanagerialcompetenceafthetransfereewhichisimportantfortheeasewithwhich起勰ologycanbeabsorbed.Againto蜕consideredinthecaseof撫和afidagytransferisthe禎zeofthefirmofthetransferee・Andthispointoutthe^^@jisibilityforbothparties.Ontheonehand,theonewhohas騎瀚ologyandinanotherhandtheonewhoa^h^eha£>log^^Africa).In2007,despitelimitedincomethe^teofliteracyincreasedfrom10%in1960to70%inAfrica.Chineseinvestmentinassisessomecriticsabout^^lologytransferandtheuseofChinese^gg^nologybecausegpfthough,indecentyearscooperationbetweenchinaandAfricahasdiwlvedformationandeducation.3.2Impactsoneconomyand勰却oyment3.2.1Impacts癣onomic^gowthaWricarepresentsahugeaaaitetwiththepopulaceof1billion,andanimportantlaborfbrce.In2009,becauseoftheinternationalcrisis,theunemploymentratefallupt0a§2%・Itwas^ound8,5%in2OO4.Therateismuchbetterafterrather^hanbefore・Butthecontinent翻諒asluggisheconomicgrowthin2009・Inonehand,ChineseFDIina^Jricahasshownitspositiveeffects.Thisisthei(a®icgrowthQf11.3%incaseaof凰缈atefiialGuineawhichregisteredan三2008.ThecountryexperiencedaeoMMmicslowdownin2009,postingagross虑0»琬论S5@duct(GQP)growthrate刃f1£%,comparedawith11.3%ina?008.Thedeclinewasduetoafallinoilpric屈珞d齟孰guctioninthe测akeefthejg^balrecession.This^ls^acausedtheshareaofthehydrocarbonssectortofall^ro®KS7%ofGDPin2008ato^)und61%in2009,althoughaitremainsthemainasectorofthe^^Q^y.Afterarecessionin^2010,theeconomyisexpectedtorecovergraduallyandreturntopositivegrowth;必2^%rin2011.Thefallinoilrevenueshashadamajoradverseeffectonthegovernmentbudgetwiththebudgetsurplusfalling卜y16rpercentagepointsto6.9%ofGDPin2009.rrrr%rInthethreeyearspriortotheglpbalraoessioR,Africancountrieshadachievedanaverage annualgfpwthotfraround6%・GrowthwashighestineasternAfrica(&2%),刚QwedbysouthernAfrica(6.7%),westernAfrica(5.5%),northAfrica(5.4%),andcentralA种・Risingoilandnon-oilcommodityexportsboostedgrowthduringthisperiod・Theoil-exportingcountriesofAngolaandEquatorialGuineahadachievedthehighestgrowth.Amongthenon-oilexporters,growthwashighestinEthiopia^rDvringthisperiod,mostAfricancountriesachievedaverageanmmlrgFewthofaround5%orhigher,andGDPpercapitagrowthofatleast2.5%.Therei^r^rhpwever,someexceptions,withmuchlowergrowthandwith^gnatingordecliningGDPpercapita.ZimbabweandEritreaweretheonlyAfricancountriesduringthisperiodwithdecliningGDPandwithsharpfallsinGDPpercapita・InZimbabwe,politicalandeconomicproblemscontinuedinto3009withrampantinflationleadingtoacurrencymsis.Asaresult,theZimbabweandollarhaseffectivelyceasedtobeusedascurrencyandhasbeenreplacedbytheUSdollarandtheSouthAfricanTheglpbaJcrisisof?3009affectedallregionsandcountriesinAfricabuttodifferentdegrees・IthaditsstrongesteffectonthesouthernAfricanregion,wheregrowthwas(fromtheprecedingthreeyears'average)byalmost8%toa-negativegrowthofaround1%.EasternAfricanandnorthAfricaneconomiespfpvedtobethemostresilientregions叔rmdespitesomedecelerationofgrowth-continuedtopjXjpandby5c76i%and3.75%in2009.Growthdeclinedto3%inwesternAfricaandtoaround2%incentralAfrica.InmostAfricangqiw皈QS,GDPcontinuedtogrowin2009,eventhoughitwasatalowerrate,10of50AfricanpppnfifipprfSeyoh^llw,rMadagascar,Botswana,SouthAfrica,Namibia,Mauritania,Gabon,Niger,ChadandAngola),haveseentheirGDPdecliningin200ft；rlnhalfofallpercapitaGDPstagnatedorfell.Incontrast,several符冲歸郃丫母0伍卅并Ethiopia,RepublicofCongoandMalawi^achievedhighgrowthin2009despitetheglpbalrecession・3.22impacton^pjipjloyment:NaturallyFDIisveryimportantforeconomytodevelop・Inmanydevelopedppju除y,FDIisveryimportantandoaiastitutetheimportantimstnimentofeconomyforreducingunemployment・UnitedStates©f算JapanandotherdevelopedcountrieshaveshowntheirperformanceintheeconomypyusingFDIWorldda^stmentReport,UnitedNationsConferenceonTradeandDevelopment,2007ppl33-135.Inonehandtheinvestmentcausespositiveseffectsonemployment,becauseeconomic @pwthisamainindicatorforagoodbdiavioroftheeconomy.In药峽mphymentrateincreaseat34.2%inSSA,anditwasabout1theNorth©fAfrica・Areportunderlinedthe咖tpeopleinAfricaworkbuttheystillliveinpoverty(lessthanledoHaraflday).Theyrepresent57.7%andthosewholivewithlessthan2dollarsrepresent87el強丁血sameyearAfricahadregisteredtheimportanteconomicgpwthinitshistory,5.5%.AlthoughGDPincreaseinAfricainee^mploymentincreasedbecauseFDIare
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