This figure represents a significant increase from the previous FOCAC in 2018, which saw $30 billion in pledges. However, the SCMP also noted that China’s economic slowdown and rising debt levels in Africa are potential concerns. The forum also saw the signing of several agreements on infrastructure development, trade, and investment. These agreements are expected to boost economic activity in Africa, but they also raise questions about the sustainability of these projects. The agreements, particularly those involving China, are often criticized for their lack of transparency and potential for environmental damage.

Foreign analysts compared the current situation in China to Japan’s malaise at the years of the “lost decade” in the 1990s. Chinese analysts are growing nervous enough to actually use the word “deflation,” a term normally forbidden by the CCP.

Kenyan farmers are already benefiting from China’s investment in infrastructure, and the country is on track to become a major exporter of agricultural products. This model of lending, however, is not without its challenges. Critics argue that China’s lending practices are predatory, exploiting African countries’ vulnerabilities and pushing them into debt traps. They point to the example of Zambia, which defaulted on its debt to China in 2021, highlighting the risks associated with China’s lending model. Despite these challenges, China’s new model of lending to Africa is gaining traction.