China still stingy in terms of tech investment. Recently, it gives SMIC $2.2 billion for investment. Come on, this is the most critical point. It should be at least $10billion
Yet it loans about $150 billion to African nations for infrastructure building. Now african asking for debt forgiveness due to virus.
Still cling to old mindset. Infrastucture and mineral resourced are tangible while R&D is not to them.
I guess infrastructure , train , ship building labor intensive are China bread and butter.
They got some incompetent advisors there.
Go figure.
Well 150 billion is over 10 years and half of it go back to purchasing Chinese good and service meaning employment for Chinese people
Most of the investment is to facilitate transportation of Chinese owned mining right and industrail estate.
And the rest go toward raising the living standard of African so that they can buy Chinese good in the future Not a bad investment.
This is all for African support in restoring Chinese right in United Nation and forcing the west to accept China from 70's on which lead to Chinese economy growing from 200 Billion to almost 14 trillion now
But I do agree China spend awful a lot of money for bragging right as "friend of Africa" when most of the African elite despise China since most of them are western educated. And expect handout and sense of entitlement when all those money are earned from toil and sweat of Chinese people from back breaking work
You are right there is better way to spend the money
