GABORONE, Sept. 29 (Xinhua) -- Fast growth in the past decades has proved that China has chosen a right way of development, and a close study on that will be important for African countries to find their own ways of development, said a former deputy governor of Botswana's central bank.
In a recent interview with Xinhua, Keith Jefferis, who is also managing director of Econsult Botswana (Pty) Ltd, said China's development makes a significant impact on the world and a "new world order" is in the making.
After fast growth of more than three decades, China has become one of the leading economies in the world, and China's role in global economy is more and more important, he said.
Despite hiccups, he added, global economy is currently heading for a period of sustained growth driven by industrialization and urbanization of emerging economies such as China and India.
"China's share of global GDP is expected to rise from 9 percent now to 24 percent by 2030, and China will change from being a large but poor (in per capita terms) economy to a middle-income economy by 2030," said Jefferis.
China will be the largest single contributor to global growth in the next 20 years, with emerging markets as a whole contributing two-thirds of global growth, he said.
According to Jefferis, a close study will show that an export-led economy driven by efficient state-own enterprises and dynamic private companies is key to China's economic miracle.
"The rapid growth of China in the past 30 years has been based on lots of economic reforms, particularly the increasing role of the market, and allowing more private firms to operate and allowing profits to be the main driver," he said.
"China's success is driven by steeply increasing productivity and efficiency and a lot of migration of the people from rural areas," he added.
He said many African countries could also focus on export-led economy, for they are abundant in natural resources and agricultural produce.
"The difficult part is to have efficient state-run enterprises and dynamic private firms. As you know, most African countries don't have dynamic and innovative private firms like Huawei in China," he said.
The private companies grow very rapidly in China, Jefferis said. "I know they used to be small, but bred on lots of innovation, many private firms are very dynamic, efficient, and fast changing."
He said it is positive for China and Africa to develop a long-term and strategic relationship, and Africa has much to gain by increased engagement with China.
China, he noted, is an important source of investment and finance, and also a more and more important market for African countries' natural resources and agricultural produce.
"China's demand for commodities has reversed the long-term decline in global commodity prices -- to Africa's enormous benefit. Export volumes are up -- but export values are up even more," he said.
Jefferis continued that African countries could also learn from China's effective ways of attracting foreign direct investment, improving their business environment and making use of low labor cost to become the next destinations for the global relocation of manufacturing industry.