China’s New South-South Funds – a Global Game Changer?

Chinas New South South FundsGENEVA, Nov 16 2015 (IPS) - South-South cooperation is usually seen as a poor second fiddle to North-South aid in the world of development assistance. Indeed, developing countries’ policy makers themselves insist that South-South cooperation can only supplement but not replace North-South cooperation. However, this widespread view received a jolt recently when China announced it was setting up two new funds totalling a massive 5.1 billion dollars to assist other developing countries.

The pledges, made by Chinese President Xi Jinping during his visit to the United States in September, have given an immediate boost to the status of South-South cooperation in general, and to the rapidly growing global role of China.

President Xi first announced that China would set up a China South-South Climate Cooperation Fund to provide 3.1 billion dollars to help developing countries tackle climate change.

Available: http://www.ipsnews.net/2015/11/opinion-chinas-new-south-south-funds-a-global-game-changer/ 

About The Project

Funded by the Open Society Foundation for South Africa (OSF-SA), the project focuses on the changing dynamics and implications of South- South cooperation, in the context of South Africa's avowed commitment to this cause in its international relations. The need to understand the complexities of South-South dynamics and their implications for foreign policy is particularly urgent for South Africa, which, while working to advance South-South multilateralism, must also contend with the corresponding need to remain true to other universal values underpinning its foreign policy as well as guarantee the specific interests of its immediate environment, that is, the African continent.

Key Themes

In recent times, South-South cooperation has received renewed attention, inspired mainly by the emergence of new southern clubs such as IBSA, BRICS and CELAC. This trend reflects a growing push by developing countries to respond to current global challenges in a coherent and concerted manner.

 

Aims and Objectives of The Project

The aim of the project is therefore to contribute, through critical research and dialogue, towards a nuanced understanding of contemporary South-South cooperation. In particular, it seeks to appreciate the basis on which countries in the South cooperate or compete with one another, and the implication of these dynamics for South Africa's policy.

 

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