China’s Waning Influence in Angola
Angola is clearly China’s most important relation in the African continent, with bilateral trade between the two nations reaching a staggering $25 billion in 2009. Angola is Beijing’s main trading partner in Africa and its main source of foreign oil imports, providing China with 790,000 bbl/day of Angolan crude oil in 2010.
Since 2002 Chinese state own banks have provided Angola with $15 billion in soft loans for hundreds of projects. In 2010, China granted Angola a $1 billion loan to revive the country’s agricultural sector. The Angolan government is paying off these loans with oil exports to China and by