Its state-owned and accordingly state-subsidized firms, usually invest overseas in partnership with Western firms or local companies. Then, rather than siphoning the oil back home, this is sold on the open market, which means that in effect, Chinese taxpayers are currently subsidizing world oil prices - not something you get to hear about much.

China also provides finance to Africa in the form of direct investment or loans which the West is not too keen on, in view of their attempts - unfulfilled as we now know - to be seen to be reducing the debt burden in Africa.

The Industrial and Commercial Bank of China has a 20 percent stake in Africa's largest lender - Standard Bank of South Africa. In October 2007 Chinese businesses signed up to providing $5-10 billion to the Democratic Republic of Congo to rebuild infrastructure and develop mines there. Chinese construction firms handle 20 percent of Africa's construction market.

In fact, construction projects have doubled in a few years right across Africa - a fact that would not have been possible without China. But everybody benefits from this, especially the EU and the US. The EU has a far greater stake - 50 percent in African construction.

The real truth, as the World Bank noted again last month, is that Africa - not China is probably the single greatest investment opportunity on earth at the moment, for those who understand that taking high risks can offer high returns. There are now 15 stock markets in Africa, some achieving returns as great as 30 percent this year already.

Africa has reversed six decades of decline in its share of global trade. Most countries there are growing at higher rates than the world economy and are politically and socially stable. Ghana, for instance, has expanded its economy by 50 percent over the last 10 years.

China's increasing influence in Africa is all too often discussed without regard to the new situation there. Africa is an opportunity and Chinese investment there is a consequence of this, not the cause.

Countries that have been growing at 5-6 percent a year for a decade need new roads, power stations and manufactured goods. In Ghana, Chinese loans are facilitating the construction of a much-needed hydro-electric power plant as - despite the myth of China's sole interest being oil - Ghana is a net oil importer that exports goods to Europe.