Instruments for implementing China's economic interests in the developing countries on the example of Sub-Saharan Africa

Abstract

The article examines China’s foreign economic policy in the developing countries of Sub-Saharan Africa. The purpose of the study is to determine what financial and nonfinancial instruments the PRC uses to implement its economic interests in the region. The relevance of the study is due to the increased role of China in the economies of the region, its active investment and lending policy, which in theory can lead to the emergence of “debt traps”, and the spread of “soft power”. To determine the scale of interaction, a general statistical analysis of trade and economic cooperation between the PRC and the countries of the region is provided, and its structure is determined. The institutional framework is studied, for example, the China - Africa Cooperation Forum, and the main instruments which are used to implement the economic interests of the PRC are given, such as the Belt and Road Initiative and investments within its framework, credit policy, assistance in the creation of SEZ, individual elements of “soft power”. The systematization of such instruments makes it possible to assess China’s place in the region in more detail and identify potential risks for developing countries. The implications of the utilization of such instruments in the context of the economic development and economic security of African countries are determined based on the results of the study.