The political warfare theorists argue that the so-called \"cooperative\" investments undertaken by China in Africa are devastating and exploitative. In contrast, the position of the South-South Cooperative school of thought stresses that China's increased aid, trade, and investment in Africa is a means to foster Africa's self-sufficiency and sustainable development in the 21st century. Before romanticizing on illusion, the two schools of thought need to be tested empirically. The empirical part of this study attempts to advance the understanding and rationalization of the various Chinese investments in Ethiopia. More specifically, the central motive of this study was to investigate if the Ethio-Chinese investments indicate a win-win strategy. The four case studies seriously challenge the argument of political warfare theorists that China's investment in Ethiopia would perpetuate underdevelopment through exploitation, extraction, and destruction of Ethiopia's resources and industrial capacity. Except for the negative environmental externalities caused by the Sino-Ethiopian investments, the case studies have demonstrated that Ethiopia has substantially benefited from the Chinese cooperative investments. The Chinese investments in Ethiopia are not complementary but appear to be aligned very closely with the South-South cooperative strategies and goals.