A Study on the Effectiveness of China's Sovereign Financing in Africa
In 1944, the international community established a post-war reconstruction and economic cooperation mechanism with the World Bank and the International Monetary Fund as the core. Since 1973, the World Bank has proposed the ‘twin goals’ of eradicating global extreme poverty and promoting shared prosperity. During this period, China achieved great economic development results. In 1978, China’s per capita GDP (current US$156.4) was less than one-third that of Sub-Saharan Africa (current US$507.5). By 2022, China’s per capita GDP reached current US$ 12,720.2, making it an upper-middle income country. Most countries in Africa are in a stage of low savings and low taxes and have low income levels with limited fiscal capacity.