A well deserved loss. I hope Africa screws over the racist CCP!
I snipped this long article.

China's expensive bet on Africa has failed

Even the crown jewel of China's economic engagement with Africa, the trillion-dollar Belt and Road Initiative infrastructure program, is at risk. The coronavirus has dealt a body blow to the Chinese economy, with its economic output falling 6.8% in the first quarter.

It is doubtful that Beijing will have the resources to fund the BRI in the future.

Chinese leaders see Africa mainly as a source of natural resources.For unknown reasons, the Chinese government believed that, as an equity holder and creditor, it could better ensure secure access to critical raw materials there.

In all likelihood, China might not have paid more for the same raw materials had it chosen to purchase them on the open market. Beijing's hope that direct or semi-direct control of resources would provide greater security is illusory.

For one thing, once China extended the credit or made the direct investments in mines, oil fields or roads, it was at the mercy of the recipients, Africa's national governments and political elites. China has no power to prevent the nationalization of its investments or defaults on its loans.

, at least for the foreseeable future, lacks the military capabilities to protect its mines and railways in Africa or escort its merchant ships on a sustainable basis.

China's gamble in Africa also flopped thanks to bad timing. Its foray into the continent coincided with the peak of the most recent commodity supercycle, skyrocketing prices of raw materials, this time driven by Chinese demand. As a result, Chinese companies paid top price for assets that most probably have lost huge value after the collapse in commodity prices.

China needs a pragmatic exit strategy. Beijing must realize that it is unlikely to recover most of its sunken investments or loans because of the economic impact of the virus on Africa.

https://asia.nikkei.com/Opinion/China-s-expensive-bet-on-Africa-has-failed