Illustration: Peter C. Espina/GT

There was never any doubt that China's meteoric rise to the status of global economic powerhouse would have significant external implications, not only for neighboring Asian developing countries, but for other global emerging economies as well.

These implications were expected to be largely two-fold. The external effect of this growth could arise from the manner in which China's trade and investments would change trade and investment conditions faced by other countries, or from bilateral trade between China and other countries.

But overriding these implications has been a primary concern that due to the country's sheer size, it would become the world's largest exporter, squeezing out other players.

However, economic experts have expressed optimism that this sheer size offers opportunities for emerging economies in Africa, Asia, Latin America and in the Arab world.

Increasing debate about whether developing countries might look to the East or the West seems to suggest that many consider China a successful model worth emulating.

With most of these countries having failed to meet key Millennium Development Goals (MDGs), they have interpreted China's attainment of fundamental MDGs as a representation of the best model to emulate.

Just three decades ago, China, like many developing nations, was a primarily rural agricultural economy. But not only has the nation successfully diversified, it is now dominating world markets.

China's per capita income - a measure of the amount of money that is being earned per person - was once similar to that of countries in Sub-Saharan Africa, but now it is a respected upper-middle income nation.

China's interesting narrative of rags to riches is not the only thing that has developing countries paying attention - the possibility of a partnership based on a win-win scenario is also tempting.

Unlike in the past, when bilateral trade was conducted at high government levels, individual investors from China are now canvassing the world for lucrative deals and partnerships.

When Kenya's President Uhuru Kenyatta recently received a delegation of Chinese investors led by Jiang Jianqing, chairman of Industrial and Commercial Bank of China (ICBC), the world's largest bank, the message was very clear.

The two countries opened the door for people-to-people links, partnering with companies and individuals for increased trade and investment.

China and a growing list of developing countries now find each other mutually attractive, particularly those rich in oil because of its huge consumption of energy.

Consequently, recent discoveries of sizable natural gas and oil reserves across a growing list of African countries have boosted hopes that the continent can now strengthen and diversify its economy, which has largely been based on agriculture.

This mutual benefit is also taking shape in the Middle East, with energy the key area of interest. China's growing need for natural resources is also being demonstrated in its willingness to invest heavily in oil and minerals.

But business and politics are never too far from each other. It has emerged over the years, and more so recently, that compared to other economic players, China is more benevolent, never seeking to impose political conditions prior to engaging in either trade or investment advances.

With many countries fighting to protect their sovereignty, this is bound to make the East seem like the better option compared with the West.

The author is a Kenya-based journalist. bizopinion@globaltimes.com.cn