Chinese businesses operating in Africa need to follow local laws and put long-term benefits ahead of short-term gains, a Beijing diplomat said Monday, acknowledging that rising trade had created "growing pains" in economic ties.
Chinese companies should work to benefit their African host economies by investing in industries such as power generation, agriculture, textiles and communications that create jobs and generate tax revenues, Vice Foreign Minister Zhai Jun told participants in an African business seminar in Beijing.
"Making quick money and leaving is a myopic action, and 'catching fish by draining the pond' is unethical," Zhai was quoted as saying by the official Xinhua News Agency. He said Chinese businesses in Africa need to compete fairly, respect local laws and customs, and improve worker welfare and environmental protection.
Complaints over business practices have grown as Chinese firms pour into the continent in hopes of winning profits in areas and industries that competitors from the developed world have given up on. Full story...
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Chinese companies should work to benefit their African host economies by investing in industries such as power generation, agriculture, textiles and communications that create jobs and generate tax revenues, Vice Foreign Minister Zhai Jun told participants in an African business seminar in Beijing.
"Making quick money and leaving is a myopic action, and 'catching fish by draining the pond' is unethical," Zhai was quoted as saying by the official Xinhua News Agency. He said Chinese businesses in Africa need to compete fairly, respect local laws and customs, and improve worker welfare and environmental protection.
Complaints over business practices have grown as Chinese firms pour into the continent in hopes of winning profits in areas and industries that competitors from the developed world have given up on. Full story...
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