The fragment “… Chinese firms are rapidly catching-up both ...

 a) making an effort to reach and be comparable to a competitor in two significant business issues

Chinese companies aren't the first to make forays in to new markets in untappered continents. There have already been a wealth of multinational companies in Africa long before the Chinese got their feet wet. However, they're making for thiese setbacks by catching up on the brand recognition and technological advancement fronts.

Resposta no penultimo periodo do 2° paragrafo, o qual explica que ja havia multinacionais em Africa antes da China.