In the 1970s China showed socialist solidarity by building football stadiums all over Africa. Today, according to World Bank president Paul Wolfowitz, Chinese investment may be less benign. Drawing attention to Chinese banks' failure to adopt responsible lending principles is helpful. But the only people who can do anything about it are the African countries that benefit from Chinese investment and aid.

No Chinese lender follows the so-called "Equator Principles". This voluntary code, adopted by dozens of international banks, sets out social and environmental standards for financing mines, power stations and the like in developing countries. The principles are not always applied consistently. But they are one barrier to projects that do more harm than good.