China to boost SA trade: Bilateral trade volumes up 40 times higher

Amid the raging diplomatic storm between South Africa and the US with the latter accusing SA of supplying weapons to Russia, China plans to strengthen trade relations with SA by importing an additional $100 billion (about R1.9 trillion) worth of local goods, according to Chinese consul general Tang Zhongdong.

ALSO READ: China’s great leap forward leaves South Africans feeling hopeless

Stronger synergy

Speaking at an exhibition in Johannesburg on Friday – marking 25 years of diplomatic relations between SA and China – Zhong-dong was confident about forging “stronger synergy between the Belt and Road Initiative and the South African Economic Reconstruction and Recovery Plan”.

Describing SA as ‘one of the largest investment destinations for Chinese enterprises in Africa”, Zhongdong said China – the world’s second biggest and fastest-growing economy – was ‘ready to share modernisation experience with South Africa”.

In 1998, the People’s Republic of China and SA formally estab-lished diplomatic relations, with China-SA trade volume having grown up to $56.7 billion – 40 times more than the $1.56 billion 25 years ago.

China, said Zhongdong, has been SA’s largest trading partner since 2009, with SA having been China’s largest trading partner in Africa since 2010. ‘In the past 25 years, China-SA relations have made a significant leap to a comprehensive strategic partnership.

ALSO READ: China’s elders savour twilight years as the young toil

Visits to SA

“Chinese presidents have paid five state visits to SA, while SA presidents have paid six state vis-its to China.”

He announced that China would import $100 billion worth of goods from SA – “one of the largest investment destinations for Chinese enterprises in Africa.”

By end of 2021, the total Chinese investment in South Africa, exceeded $25 billion. Added Zhongdong: ‘There are more than 200 Chinese companies operating here.

“Last year, the job fair in Johannesburg, organised by the Chinese embassy, attracted thousands of SA graduates and hundreds of Chinese companies, with a pledge to employ 20 000 local people in three years.”

ALSO READ: SA walks a tightrope of international alliances – it needs Brics and the west

Reflecting on the upcoming 15 August Brics summit (the grouping of the world’s leading emerging market economies which are Brazil, Russia, India, China and SA), to take place in SA, Zhongdong said the world would “once again listen to the Brics proposal”.

“In the face of the complex international situation and global challenges, South Africa has adopted Brics and Africa: A Partnership for Accelerated Growth, Sustainable Development and Inclusive Multilateralism, as the theme of this summit.

“This reflects the common desire of Brics and African countries to promote peaceful development in the world. ‘More and more countries, such as Iran, Indonesia and Argentina, want to join the Brics mechanism – believing that joining Brics is a positive choice when facing tough challenges.” – brians@citizen.co.za