China’s Xi promises $14.7 billion of investment during South Africa visit

by Frankie Norman July 26, 2018, 5:28
China’s Xi promises $14.7 billion of investment during South Africa visit

"A global trade war should be rejected because there will be no victor". "Economic hegemony is even more objectionable, because it will undermine the collective interest of the global community".

Those who pursue "economic hegemony" will "only end up hurting themselves", he added.

South African President Cyril Ramaphosa echoed his sentiments.

"It is hard to deny that the global market sentiment continues to be manipulated in large extents by the trade war uncertainties, which many think represent the largest risk to the world economy since the global financial crisis", Global Head of Currency Strategy and Market Research at FXTM Jameel Ahmad told AFP.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments to the value of $14 billion", Ramaphosa said, standing beside Xi.

"These developments call for thorough discussion on the role of trade in growing and in promoting sustainable development, particularly inclusive growth".

At the BRICS summit, South African President Cyril Ramaphosa also expressed concern about "the rise in unilateral measures that are incompatible with World Trade Organization rules" and are especially damaging to developing countries.

South African President Cyril Ramaphosa right shakes hand with Chinese President Xi Jinping after a joint press conference at the government's Union Buildings in Pretoria South Africa Tuesday
China to invest $14b in South Africa

African leaders attending a "BRICS outreach" programme on Friday include Paul Kagame of Rwanda, Joao Lourenco of Angola, Macky Sall of Senegal and Yoweri Museveni of Uganda. This was in sharp contrast to the $60-billion outward investment by South Africa to Brics countries.

Trump has said he is ready to impose tariffs on all US$500 billion of Chinese imports, complaining that China's trade surplus with the United States is due to unfair currency manipulation. Summit watchers say his blunt rhetoric will influence this year's summit.

U.S. President Donald Trump earlier on Wednesday accused China of "vicious" tactics on trade, tweeting that China was specifically targeting U.S. farmers with retaliatory tariffs because "they know I love & respect" them.

The two leaders took the opportunity to "strengthen the comprehensive strategic partnership" between the two Brics nations as they signed several agreements and memorandums of understanding "intended to deepen relations".

"China is ready to invest and work with South Africa in various sectors, such as infrastructure development, ocean economy, green economy, science and technology, agriculture, environment and finance", Ramaphosa told journalists following the meeting.

But, she said, BRICS may use that adversity to seek to build a new world order, even beyond the five-member bloc.

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