• Sun. Apr 21st, 2024

Africa-China Dar es Salaam Consensus Strengthens Global Development Cooperation by Echoing the Voices of the Global South, says Prof. Justin Yifu Lin

ByWebmaster

Mar 12, 2024
BEIJING , March 12th (ABP) – The 13th Meeting of the China-Africa Think Tanks Forum was successfully held in Dar es Salaam, Tanzania, on March 8, 2024, where around a hundred Chinese and African think tank scholars jointly issued the “Africa-China Dar es Salaam Consensus”, also known as “Consensus Among African and Chinese Think Tanks on Deepening Global Development Cooperation.”
They urged the international community to strengthen cooperation development based on principles of mutual respect, unity, openness, win-win cooperation, and common prosperity, in a bid to promote modernization together and build a community with a shared future for mankind.
Prof. Lin has answered questions from journalists in a zoom meeting
On March 10th, Justin Yifu Lin, former chief economist of the World Bank and the dean of the Institute of New Structural Economics at Peking University, participated in a group interview organized by the African Studies Institute of Zhejiang Normal University (ZJNU). Journalists from 33 countries including, Egypt, Nigeria, Iran, and Cambodia, participated in the meeting, which was presided over by Dr. Zhang Qiaowen, vice director for academic affairs of the Institute of African Studies at ZJNU.
The consensus advocates for the integration of effective markets and proactive governments to stimulate endogenous development dynamics.
 Prof. Lin mentioned that the calls for consensus have something in common with the new structural economics theory. He noted that the purpose of economic development is to improve people’s living standards and incomes in a bid to achieve national development. To achieve this goal, he said, it is essential to increase productivity and boost technological innovation and industrial upgrading. Meanwhile, market-based resource allocation and proactive government involvement are also indispensable. In his view, China’s development offers valuable experiences for African countries.
Development concepts are predecessors to subsequent actions, echoing the perspectives of the Global South
Prof. Lin believed that in the past, influential ideas and many consensuses were spread from the “Global North” to the “Global South.” However, this time, the “Africa-China Dar es Salaam Consensus” represents a shared vision in the Global South and serves as a guide for strengthening South-South cooperation.
In addition to the principles advocated by the consensus itself, we also aspire to ensure our voices are heard by the global community. This aspiration aligns with the overarching spirit that the consensus aims to convey.
To promote international financial system reform to bridge development gaps
What necessary and urgent reforms should international financial institutions undertake to address the demands of developing countries? Here, Prof. Lin proposed that multilateral development banks should be allocated more resources to provide more financial support to developing countries and improve their financial situation and financing capabilities. Furthermore, there is a need to increase the equity, voting rights, and voice of emerging markets and developing countries at the International Monetary Fund (IMF). He also emphasized the importance of financial stability and coordination between foreign investment in the real economy and the inflows and outflows in short-term capital markets.
To ease trade barriers and firmly support globalization
 
Prof. Lin stated that African countries should leverage their resource endowments, enhance infrastructure development, foster trade through participation in multilateral market frameworks, and oppose trade barriers, in a bid to promote globalization. Additionally, he proposed that developing countries should inevitably undergo urbanization, with people migrating from rural to urban areas. The infrastructure construction will accelerate the urbanization process and offer people access to more adequate housing resources.
The notion of a “debt trap” within China-Africa cooperation is a carefully crafted lie
 
Prof. Lin explicitly stated that the “debt trap” narrative surrounding China-Africa cooperation projects is entirely unfounded. He contended that China-Africa cooperation projects not only create more job opportunities and promote African exports, but also contribute to increased revenue for Africa.
China supports Africa’s development and helps improve its ability to develop independently and sustainably
 
When asked about China’s role in African development and particularly how Africa could attract more Chinese investors, Prof. Lin emphasized that poverty is not Africa’s destiny. He expressed confidence in Africa’s ability to change its fate with its own hands. Using Morocco as an example, he highlighted the potential for complementary advantages and enhanced cooperation, with China providing investment and technical assistance to modernize manufacturing, thereby achieving mutual benefits and exporting goods such as automobiles to the European market.
Attendees in zoom meeting thanked Prof. Justin Yifu Lin for encouraging Africa to keep developing a hard-working ability while relying on its own potentiality.