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AFRICA NEWS
Africa worried over China slowdown

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by Staff Writers
 Addis Ababa (AFP) Nov 27, 2008
 The African Union's top executive on Thursday expressed his concern over the prospect of an economic recession in China, a key trade partner and investor for the continent.

China's economy has slowed sharply in recent months amid the global downturn and the World Bank has forecast growth of 7.5 percent for next year, down from 12 percent last year and the slowest expansion in nearly two decades.

"If you have a recession in China, which apparently will be the case, we will have a reduction in the demand of our raw materials," AU Commission Chairman Jean-Ping told reporters.

"If it decreases in volume, it will also decrease in prices, so you can see the consequences for us," he added.

Ping said he would head to Doha over the weekend for a donor conference amid concerns that the global financial crisis could curtail aid and investment for the world's poorest continent.

"The African continent has only been receiving a small share of direct investment. If this investment is reduced, then it will be a catastrophe," he said.

According to the African Union, trade between China and the continent reached 50 billion dollars (39.4 billion euros) in 2006, up from just a billion dollars four years earlier. The figure is expected to double by 2010.

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