Chinese officials like to describe burgeoning relations between Beijing and Africa as “win-win”. Africa wins from Chinese investment, infrastructure and loans. China wins by gaining access to African markets and resources to fuel domestic growth. The reality, however, is rarely so simple and in the Democratic Republic of Congo, where China pitched its most ambitious African deal in 2007, all sides, now risk emerging as losers.

The China-Congo deal provided for $9bn of Chinese investment in roads, railways, schools and clinics and in the rehabilitation of the mining sector. In return, Congo would cede majority rights in a joint venture to develop copper and cobalt concessions. Any difference that might emerge between the cost of infrastructure and revenues from the mines would be underwritten by the Congolese state.