China, South Africa agree to seek balanced trade, more investment By Reuters

By Liz Lee

BEIJING (Reuters) – China and South Africa, whose top leaders met in Beijing, agreed to promote balanced trade and discussed boosting two-way investment between their industrial and commercial communities, a joint statement showed on Tuesday.

President Xi Jinping and his South African counterpart Cyril Ramaphosa met on Monday ahead of the 9th Forum on China-Africa Cooperation. Both sides described Ramaphosa’s visit as “of great importance” for the development of bilateral relations.

Ramaphosa has sought with Xi to reduce South Africa’s trade deficit with Beijing and overhaul his country’s trade structure with China, calling for more sustainable manufacturing and job-creating investment.

China, the world’s second largest economy, is South Africa’s largest trading partner globally, but the value of its imports from China far exceeded exports last year.

In the joint statement, China showed its willingness to boost job creation, citing recruitment conferences for Chinese enterprises to promote local employment in South Africa.

The statement also mentions adding manufacturing bases near the source of relevant raw materials and promoting the transfer of technology and skills between their businesses.

China was also willing to share more of its experience in poverty alleviation and rural revitalization, according to the statement released by the Chinese foreign ministry.

After the meeting, both countries signed numerous cooperation documents that included the application of a satellite navigation system, residency requirements and settlement and export for dairy products and raw wool from South Africa to China.

Both nations are looking to expand cooperation in renewable energy, energy storage, transmission and distribution, the statement said, adding that they will jointly host a new energy investment conference to be organized by their chambers of commerce and associations.

Both also called on the international community to support African countries in implementing the African Continental Free Trade Agreement, an FTA that would constitute the world’s largest free trade area, creating a single continental market for goods and services, helping Africa to and progress integration.