Mineral

China in Africa - Part 3: Zambia

Video information

Source: YouTube
Added: 02-24-2009
Tags: china, africa, economy, zambia, copper
Description:

Part 3 in the series. Zambia's fortunes since independence have followed the price of copper. When copper prices were high in the 1960s, Zambia's economy boomed. Following the copper price collapse of the 70s and 80s, Zambia's economy went into the doldrums. The marxist economic policies of then-President Kenneth Kaunda did not help. By the 1990s, Zambia was the most heavily indebted (as a percentage of GDP and export revenue) country in southern Africa, with high levels of unemployment, falling per capita GDP and unproductive copper mines. Copper prices today are 9 times what they were in the 1990s. Chinese demand for copper and other natural resources hasn't skipped Zambia. Chinese investment since the new millenium has poured into that country as well. But the Chinese presence hasn't been so welcome in Zambia compared to other countries in Africa. There have been complaints that Chinese companies pay lower wages than other multinationals, do not employ enough locals, and

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