China’s Economic Projection in the Global South: A Comparative Analysis of Africa and South America

This thesis examines China’s economic projection in the Global South through a comparative analysis of Africa and South America, focusing on the different roles played by Chinese state-owned enterprises (SOEs) and private firms. Over the past decades, China has transformed from a domestically oriented economy into a major global investor, expanding its presence through foreign direct investment, infrastructure projects, and strategic financial instruments. Africa and South America represent two key regions in this expansion, characterized by abundant natural resources, infrastructure needs, and growing emerging markets, yet marked by distinct institutional, political, and socio-economic contexts. The first chapter analyzes Sino-African economic cooperation, highlighting the historical evolution of relations, the strategic role of the Forum on China–Africa Cooperation (FOCAC), and the predominance of loans, joint ventures, and infrastructure concessions as investment tools. Particular attention is paid to workforce management, the interaction between SOEs and private enterprises, and the case studies of Angola and Ethiopia, which illustrate how Chinese strategies adapt to different local conditions. The second chapter shifts the focus to South America, where Chinese investments increasingly rely on mergers and acquisitions, greenfield projects, and public–private partnerships. The analysis emphasizes sustainability, ESG criteria, and governance models, with a case study of BYD in Brazil and Chile as an example of green industrial expansion. The final chapter provides a comparative framework, examining strategic motivations, entry modes, sectoral distribution, industrial upgrading, and socio-environmental implications. The findings demonstrate that Chinese internationalization strategies are not uniform but vary significantly according to regional institutional environments. Ultimately, the thesis argues that China’s global expansion reflects a hybrid model of state capitalism in which economic, political, and strategic objectives are deeply intertwined.