Sharing Development Dividends
For China, modernisation is a journey of hardship and perseverance. In modern times, the Chinese people tried to adopt modernisation formulas from the West, but none worked. Through its own efforts, China has modernised under the leadership of the Communist Party of China. It has transformed from an impoverished and backward nation into the world’s second-largest economy, the largest trader in goods, and the largest exporter. China has developed the largest compulsory education, social security, and medical and health systems in the world, achieving in just a few decades the industrialisation that took developed countries centuries.
China’s success demonstrates that there is no universal standard for modernisation. China’s worldview, values, history, civilisation, and modernisation experience debunk the myth that modernisation is equal to Westernisation and repudiate the Western capital-centred model. China follows a new modernisation model - the Chinese model - which provides a solution for human society to achieve long-term peace and stability, eradicate extreme poverty, promote common development, and respond to challenges such as climate change. China is embarking on its own innovative path to overcome the mistakes and shortcomings of Western-style modernisation.
A different model
As the world’s second-largest economy and a responsible country, China places global development and peace at the forefront of its modernisation process, recognising that its success is interconnected with that of the world. China’s example shows that the modernisation of developing countries is essential for achieving global stability, equality, and sustainability. Thus, China’s modernisation goes beyond eliminating extreme poverty; it promotes shared prosperity, reducing the inequality characteristic of Western modernisation. What can China’s modernisation offer the world, particularly countries of the Global South?
On its path to modernisation, China is sharing its development dividends with the rest of the world through its Global Development Initiative, Global Security Initiative, Global Civilisation Initiative, and Belt and Road Initiative (BRI), all of which are considered public goods offered to the international community. The BRI, in particular, is a systematic and open development cooperation platform rather than unilateral development assistance. This systematic and open development cooperation means that the contents of international development cooperation under the BRI are multifaceted. The initiative includes co-development measures such as policy communication, infrastructure connectivity, trade facilitation, financial integration, and closer people-to-people ties. Additionally, it adopts the principle of co-construction in the Innovative Silk Road, the Green Silk Road, and the Digital Silk Road - vital components that facilitate modernisation. No wonder the World Bank predicts that if all planned BRI transport infrastructure projects are implemented, the initiative will generate global revenues of $1.6 trillion annually by 2030, with up to 90 percent of these revenues going to partner countries in the Global South.
Such endorsement from the international community is essential as China seeks to reshape a world order it perceives as biased. Therefore, as China’s geopolitical significance rapidly grows, the opportunities it offers to the countries of the Global South have the potential to open up significant new development avenues.
Partner of choice
As a global leader in industrialisation, China has spent the past two decades nurturing relationships with African countries, such as Nigeria, within the framework of the Forum on China-Africa Cooperation (FOCAC) to support Africa’s development objectives. China’s investments in African projects - particularly infrastructure - have yielded tangible benefits, positioning China as a partner of choice among many African nations, including Nigeria. Unsurprisingly, China has broadened its engagement with Nigeria and the continent in general over the years. These show that China remains committed to a multipolar world and an inclusive economic globalisation that benefits all.
China’s commitment was on full display during the 2024 FOCAC Summit in Beijing, where President Xi Jinping pledged to provide $51 billion of financial support and carry out 30 infrastructure projects across Africa, reaffirming China’s dedication to African development, including Nigeria. These infrastructure projects will allow China to fully utilise the “economic complementarities” of African countries participating in the BRI by establishing supply, industrial, and value chains. This marks a pivotal moment for promoting trans-African economic integration.
All these commitments - through the above initiatives and FOCAC - are underpinned by clarity, consistency, and predictability, which are crucial to the modernisation of the Global South, particularly African countries, amid the current global turmoil.
The author is Executive Director of Centre for Nigerian Studies, Institute of African Studies, Zhejiang Normal University
