China and South Africa agree on balanced trade, increased investments
A joint statement released on Tuesday revealed that China and South Africa's top leaders, who met in Beijing, had agreed to promote a balanced trade, and also discussed the importance of boosting bilateral investments between their commercial and industrial communities.
President Xi Jinping met with his South African counterpart Cyril Ramaphosa on Monday ahead of the ninth Forum on China-Africa Cooperation. Both sides described Ramaphosa’s visit as "of great significance" for the development of bilateral relationships.
Ramaphosa and Xi had discussed the South African trade deficit with Beijing, and reviewed his country's trading structure with China. They also urged for more sustainable manufacturing as well as job-creating investment.
South Africa's biggest trading partner is China, the second largest economy in the world. However, imports far exceeded exports.
In the joint declaration, China demonstrated its willingness to boost job creation by citing Chinese enterprise recruitment conferences to promote local employment.
In addition, the statement mentions adding production bases near sources of raw materials and promoting technology and skill transfer among businesses.
According to a statement released by the Chinese Foreign Ministry, China is also willing to share its experience on poverty reduction and rural revitalization.
Both countries signed a number of documents after the meeting. These included a system for satellite navigation, requirements on housing and settlement, and dairy products from South Africa and raw wool exports to China.
The statement stated that both nations were looking to expand their cooperation in renewable energy and energy storage. It also said they would co-host an energy investment conference, which will be organized by their respective chambers of trade and associations.
Both called on the international to support African countries as they implement the African Continental Free Trade Agreement. This FTA would create the largest free trade zone in the world, creating a single market for goods, services and advancing Africa's integration. Reporting by Liz Lee, Shanghai newsroom and Michael Perry. Editing by Jamie Freed.
(source: Reuters)
