The Next Factory of the World: How Chinese Investment Is Reshaping Africa

Description

Will Africa be the world's next hub of manufacturing? China is answering in the affirmative and investing accordingly. Considering Africa's difficult history of colonialism, one might suspect that the current story of China in Africa is merely a story about exploitation of resources. This book dispels the notion that this crucial story is merely about China's exploitation of Africa's resources, illuminating deep questions about our own, Western approach to development, and the implications for the future of manufacturing. China is now the biggest foreign player in Africa: largest trade partner, largest infrastructure financier, and fastest-growing source of foreign direct investment. Chinese entrepreneurs are flooding into Africa, investing in long-term assets, such as factories and heavy equipment. For fifty years the West has engaged in countless poverty-alleviation and development-aid programs in Africa, yet Africa still has the largest number of people living in extreme poverty of any region in the world.The fact that China sees Africa not for its poverty but for its potential wealth is a striking departure from the attitude of the West.

Irene Yuan Sun co-leads McKinsey & Company's work on Chinese economic engagement in Africa and is the lead author of McKinsey's research report on this topic. Previously, she taught secondary school in rural Namibia. She is a graduate of Harvard Business School, Harvard Kennedy School, and Harvard College.

Advance Praise for The Next Factory of the World: Deborah Brautigam, Bernard L. Schwartz Professor of International Political Economy and founding Director, China Africa Research Initiative, Johns Hopkins University's School of Advanced International Studies-- "Irene Sun's stunning new book on the rise of Chinese manufacturing in Africa takes us far from the superficial picture of Chinese investors as 'new colonialists.' Combining a journalist's pen and a business analyst's training, Sun grounds her astonishingly detailed portrait in extensive fieldwork and data, but most vividly in stories of the Chinese and African pioneers who just may be kick-starting Africa's industrial revolution." Aliko Dangote, Chairman and CEO, Dangote Group-- "I agree with Irene Yuan Sun that Africa is on a clear path to industrialization and becoming the next factory of the world. This well-researched book provides practical lessons and raises pertinent questions. I highly recommend it to policy makers, entrepreneurs, academics, or anyone interested in the future of the global economy." Huan Hsu, author, The Porcelain Thief-- "A fascinating synthesis of reportage, personal history, and economic research. Sun is uniquely positioned to weave the narratives of Chinese and African factory owners and workers with the macroeconomic forces surrounding them in a smart, intimate exploration of the complexities and possibilities of Sino-African industrialization." Calestous Juma, Professor of the Practice of International Development, Harvard Kennedy School; author, Innovation and Its Enemies-- "This book is a vivid account of how China is reshaping the future of Africa. It is written in an accessible way while preserving its analytical rigor. I recommend it as an antidote for pessimism." Jonathan Woetzel, Senior Partner, McKinsey & Company-- "Irene Yuan Sun provides a memorable and challenging narrative of the industrialization of Africa and the China-Africa relationship, two of the most important trends in development today. Combining first-person research, a deep understanding of development theory, and an encyclopedic grasp of the African landscape, this is the one book to read if you want to understand both the opportunities and the hard choices Africa faces." Yinuo Li, Director, China Program, Bill & Melinda Gates Foundation-- "Impressively intertwining personal stories with the epic industrialization movements in China and Africa, this important book both increases our big-picture understanding and sheds needed light on factory floors dotted across the continent. We are fortunate to be able to peek into this fascinating world with Sun's sharp eyes and analysis."