Published: Thu, July 26, 2018
Global | By Enrique Rogers

China to invest $14b in South Africa

China to invest $14b in South Africa

The world is faced with "a choice between confrontation and co-operation we are at a crossroad", warned People's Republic of China President Xi Jinping at the opening of the BRICS summit in Joburg on Wednesday.

Chinese President Xi Jinping delivers a speech titled "Keeping Abreast of the Trend of the Times to Achieve Common Development" at the BRICS Business Forum in Johannesburg, South Africa, July 25, 2018. The rand and the real are the worst-performing currencies of the five as Washington and Beijing fire trade-war salvos at each other.

China has told developing nations there would be no victor in a global trade war.

China and South Africa have signed several trade agreements, amounting to over $14,7 billion (approximately R200 billion).

BRICS leaders are bracing for a day of protests by a coalition of environmentalists, trade unions and communities from various parts of the world on day two of their summit in Sandton.

"China is the most important trade country in this coalition and is likely to offset the negative impact from greater USA protectionism through increased domestic stimulus", said Madhur Jha, head of thematic research at Standard Chartered Bank.

BRICS is a platform for dialogue and cooperation among emerging markets and developing countries.

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A clearly surprised Coats, who had not been told of the invitation, laughed and said, "That's going to be special". When Trump said "no", Vega followed up: "No, you don't believe that to be the case?"

The BRICS group comprises more than 40 per cent of the global population.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn).

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organization rules, and we are anxious about the impact of these measures, especially as they impact developing countries and economies".

Ramaphosa will host Xi and the leaders of Brazil, Russia and India at a summit of the BRICS group of emerging economies in Johannesburg later this week, where he will be looking to secure further investment pledges.

"We BRICS countries should keep abreast of the historical trend, seize development opportunities, jointly meet challenges, and play a constructive role in building a new type of worldwide relations and a community with a shared future for mankind", Xi said.

Possible future BRICS members and countries who have expressed interest in joining include: Argentina, Indonesia, Mexico, Turkey, Egypt, Iran, Nigeria, Sudan, Syria, Bangladesh and Greece. This was in sharp contrast to the $60-billion outward investment by South Africa to Brics countries.

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