战略与国际研究中心-Angola-and-China_16页_236kb

Summary of Angola and China: A Pragmatic Partnership

Core Content

Angola and China have developed a significant and pragmatic partnership, particularly in the aftermath of Angola's long civil war, which ended in 2002. This partnership has been characterized by substantial financial and economic cooperation, with China playing a key role in Angola's post-conflict reconstruction and development. The relationship has evolved from early Cold War-era military and political support to a modern, economically driven alliance that benefits both countries.

Main Views and Key Information

Political and Diplomatic Relations

• Historical Context: China supported Angola's liberation movements (MPLA, UNITA, FNLA) during the 1960s and 1970s, primarily through military and political aid.
• Post-Independence: China initially refused to recognize Angola's independence and only established formal diplomatic relations in 1983.
• Economic Focus: After the war, the relationship shifted from security to economic cooperation, with a major milestone being the $2-billion oil-backed loan from China's EximBank in 2004.
• Diplomatic Presence: China maintains an embassy in Luanda with 17 officials, and Angola has an embassy in Beijing. In 2007, Angola opened consulates in Hong Kong and Macau, and a new one in Shanghai was planned for 2008.

Financial and Economic Cooperation

• EximBank Loan: A $2-billion oil-backed loan was signed in 2004, with repayment terms of 12 years and an interest rate of Libor + 1.5%. It was later extended to 15 years with a revised rate of Libor + 1.25%.
• Projects Funded: The loan supported 50 projects in the first phase, including infrastructure, energy, water, health, education, and fisheries. By 2007, nearly $837 million had been used.
• Second Phase: The second phase of the loan (another $2 billion) funded 17 contracts and over 52 projects, including telecommunications and fisheries development.
• China International Fund Ltd. (CIF): CIF, a private Hong Kong-based institution, provided $2.9 billion to finance post-war reconstruction, managed by the Gabinete de Reconstrução Nacional (GRN). However, CIF's operations were criticized for opacity and lack of transparency.
• GRN Management: The GRN was established to manage CIF funds, but it has been accused of poor planning and mismanagement, leading to stalled projects and reliance on domestic funding.

Bilateral Trade

• Growth Trends: Bilateral trade between Angola and China has grown significantly, from $150 million to $700 million in the 1990s to over $12 billion by 2005.
• Oil Dependency: Crude oil accounts for over 95% of Angola's exports and is the main import for China.
• Trade Surplus: Angola has consistently maintained a large trade surplus with China due to its oil exports.
• Projected Growth: With increased infrastructure development and competitiveness of Chinese goods, it is expected that Chinese products will become more prominent in Angola's market, potentially rivaling Portuguese imports.

Foreign Direct Investment (FDI)

• FDI Growth: Chinese FDI in Angola has increased, with over 51 firms registered with the National Agency for Private Investment (ANIP) as of 2007.
• Key Sectors: Most Chinese firms are involved in construction, with a growing presence in retail, manufacturing, and other light industries.
• Investment Law: Angola's new investment law and commercial code have encouraged both local and foreign private investment.
• Business Interest: Over 10,000 Chinese businessmen have visited Angola in recent years, showing strong interest in investment opportunities.

Extractive Industries

• Oil Sector: China's Sinopec Group acquired a 50% stake in BP-operated block 18, and later, through the joint venture Sonangol Sinopec International (SSI), secured stakes in offshore oil blocks 15, 17/06, and 18/06.
• Refinery Project: A joint venture was planned for a $3-billion oil refinery in Lobito, but the negotiations collapsed in 2007.
• Diamonds: China has shown interest in Angola's diamond industry through a joint venture with Endiama, the state-owned diamond company, and CIF. However, this agreement was annulled in 2007.

Special Relationship

• Pragmatic and Strategic: The partnership is described as mutually beneficial and pragmatic, with no political preconditions.
• Mutual Needs: China seeks natural resources, while Angola aims for development and economic stability.
• Criticism and Concerns: There have been allegations of mismanagement, lack of transparency, and opacity in the use of Chinese funds, particularly through CIF and GRN.
• Reforms and Transparency: The Ministry of Finance has attempted to increase transparency by publishing details of credit lines, but more disclosure is needed, especially regarding GRN.

Conclusion

The relationship between Angola and China is a key component of Angola's post-war economic strategy and has significantly contributed to its reconstruction and development. While the partnership is economically beneficial, it has also raised concerns over transparency and management practices, particularly in the allocation and use of Chinese financial assistance. The evolving dynamics reflect a strategic alignment of interests, with both nations reaping benefits from a deepening economic and infrastructural collaboration.