What are your predictions on China's overall economic performance over the next five years?

There will be two phases over [the next] five years. In the first phase in the next one to two years, the economy will continue to grow at the exceptionally high rate of growth of 9 to 9.5 percent or even more. But I think in the following three to five years it is important the economy be brought back to a growth rate between 8 and 9 percent, to make it more sustainable.

If we look at the government policies over the last couple of years, especially over the last few months, they are adamant that they want to bring growth back to a more sustainable pace. We see statutory reserve requirements raised for banks, interest rates increased, administrative arrangements to curb investment spending in certain industries and reduction of export incentives.

We will hopefully see a stabilization, if not a decrease, in the share of investment in GDP. But on the one to two years horizon, the Olympics, the Expo in Shanghai, the continuation of the Three Gorges Project and a host of other infrastructure projects are expected to propel economic growth even further.

How is such a scenario going to affect China's trade with Africa from an economic relations perspective?

It is the general influence on trade that China will face, vis-à-vis the whole world, and within that, influence on Africa. For trade overall, China has already arrived at a place where its export growth has been so phenomenal that, in real terms China is now the third biggest exporter in the world. Similarly as an importer, it is a very big trader.

Chinese GDP as a share of global GDP is almost 5 percent, but China's trade as a share of global trade is well above 7 percent. China's share of trade is just proportionally greater than other countries. That has resulted in perceptions in Washington, Europe and even South America, and certainly also in Africa, that China's domestic industries are highly competitive. Within that context, measures will have to be taken to rein in the negative ramifications of China's trade with the world. But we still see China's trade increasing all the time and "made in China" brands increase their global market share.

It is interesting that in Africa China maintains an overall deficit. That means that the trade relationship with African countries is arguably quite balanced. But if you look at China's trade relationship with Africa and you strip out oil and gas imported from countries such as Sudan, Angola and a few other countries, then it makes quite a sizable surplus with Africa. In some countries, for example, South Africa, you already have a very significant surplus on the part of China. In South Africa, local businesses have been detrimentally affected by this, especially by China's competitiveness in textiles and automotive components.

But there is also a counterargument that a lot of consumers, including industry participants as well as individuals and households, benefit from the reduced cost of China's export into those markets. These are emotive debates, with the media trying to argue for both sides.

Overall I think economies, such as Botswana, Nigeria, Uganda and a long list of countries in Africa, are reaching 4 or 5 percent or an even higher economic growth rate. This will benefit China's export opportunities in those markets for products as well as services, including the whole spectrum of low-technology and hi-tech goods.