Jean Claude Bastos de Morais says Chinese Industries can Inspire Africa’s Economic Growth Prospects

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CHINESE INDUSTRIES CAN INSPIRE AFRICAS
ECONOMIC GROWTH PROSPECTS
Jean Claude Bastos de Morais
www.jeanclaudebastosdemorais.com
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The rapid growth shown by Chinae economy is a
subject for speculation, believes Quantum Global
Group CEO, Jean Claude Bastos de Morais. Chinas
GDP has shown tremendous growth. In a span of 28
years, between 1989 and 2017, Chinas GDP
rose 9.71.
The lineup of three important factors, namely
innovative technologies, heavy investments, and
steady deregulation has evolved the Chinese
narrative. It pushes Mr Bastos de Morais to
wonder, can the Chinese economic growth model be
applied to Africa too?
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Africa is a continent with 54 countries that is
separated from China by a huge land mass, seas,
history, and culture. Despite the geographical
and cultural differences between China and
Africa, they share a lot of similarities.
Both have a booming population that is in pursuit
of industrial modernization. Africa, however, has
a younger demographic. This means Africa has
better human resources in comparison to China.
The only thing Africa lacks is the ample amount
of opportunities and tools to employ the human
resources productively.
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China is a good example of how human resources
should be nurtured and used. A study done by
Boston Consulting Group concluded that Chinas
research and development spending surpasses the
same of the US.
In light of the study Jean Claude Bastos de
Morais is of the opinion that innovations are
necessary for commercial success. When you
analyze the stock market, you will see Chinese
tech companies on the tip. Tencents shares have
skyrocketed by 43.6 this year, leaving Facebook
behind.
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As one of the worlds largest investment holding
company, it provides Internet services,
value-added services, social networking,
e-commerce, web portals, smartphones and mobile
games. These services do more than just please
the social and cultural needs of the Chinese.
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China has been assisted a lot by the state
financial support startup investments from public
and private sectors, independent innovators, and
SMEs. In the 2016 National Conference on Science
and Technology, President Xi Jinping stated,
China should establish itself as one of the most
innovative countries by 2020 and a
leading innovator by 2030.
He added, Great scientific and technological
capacity is a must for China to be strong and for
peoples lives to improve. This speech can be
applied to Africa too.
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The technological might and innovative approaches
of China can be reproduced in Africa, thanks to
its young and fast-growing population. African
nations need to satisfy the needs of small and
medium-sized enterprises that require funding in
order to grow and innovate.
Jean Claude Bastos de Morais believes its the
only way for African innovators and trendsetters
to succeed. The private sector of Africa has also
a lot to contribute, apart from the governments.
Hopefully, African countries will spread their
wings in the international market like China. The
market competition between the African states and
China will inspire other economies to rise
promptly.
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THANKS
www.jeanclaudebastosdemorais.com