China’s focus on new growth areas such as the digital economy and green energy opens opportunities globally, especially for Africa

As the annual Central Economic Work Conference concluded in China this week, experts in Uganda said that the Asian giant’s sustained economic growth will continue to provide opportunities for the world, particularly for Africa.

China’s National Bureau of Statistics said the country is striving for a steady recovery, with a year-on-year 4.9 percent gross domestic product (GDP) growth in the third quarter and a year-on-year 5.2 percent growth in the first three quarters of 2023.

Corti Paul Lakuma, a senior research fellow at Uganda’s Economic Policy Research Center, said that in comparison to global growth, China’s economic growth rate is impressive.

Forecasts from international financial institutions predict China’s 2024 growth rate will exceed global rates: the World Bank estimates 4.5 percent, while the International Monetary Fund forecasts 4.6 percent.

Forecasts from international financial institutions predict China’s 2024 growth rate will exceed global rates

China’s focus on new growth areas such as the digital economy and green energy opens opportunities globally, especially for Africa. Experts said as one of the biggest manufacturers of electronic vehicles (EV), China is a rapidly growing market for critical minerals sourced from African countries, especially in the microchip and EV manufacturing sector. This will boost the trade between Africa and China, for example, in minerals like lithium.

Daniel Karibwije, a trade specialist and business consultant based in Kampala, said China’s experience will help boost Africa’s solar panel industry and digital economy growth.

“There will be more innovations and inventions in China, which will have a spillover effect on Africa,” Karibwije said.