China to invest $15 billion in South African economy

China to invest $14b in South Africa

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules, and we are anxious about the impact of these measures", South African President Cyril Ramaphosa told the summit's opening session.

Xi held talks with South African President Cyril Ramaphosa on the eve of the gathering, saying that "the Johannesburg summit has special significance for BRICS cooperation in the new circumstances".

"A trade war should be rejected because there will be no victor", Xi said at the opening of a BRICS summit of emerging economies in Johannesburg.

"Trade wars should be rejected".

They come together at a time when escalating trade tensions between the United States and China are threatening to derail a global upswing that's already losing momentum amid weaker-than-expected growth in Europe and Japan.

China's president Xi Jinping and his delegation signed about $14 billion [about R187 billion] worth of investment commitments with South Africa - and the two enterprises were at the centre of the bilateral agreements.

More news: Donald Trump backtracks on Helsinki remarks, says he 'misspoke'

This year's summit is themed "BRICS in Africa, collaboration for inclusive growth and shared prosperity in the 4th Industrial revolution ".

Mr Trump has said he is ready to impose tariffs on all $500 billion of Chinese imports, complaining that China's trade surplus with the USA is due to unfair currency manipulation.

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

Member nations should fully leverage each other's comparative strengths and "at the same time ease the impact of automation and smart technology [on] traditional industries and create new job opportunities in the process of fostering new industries".

Speaking at the same event, Chinese President Xi Jinping said the world's second-biggest economy would take active measures to expand imports from South Africa to support development in Africa's most industrialised economy.

Addressing the Business Forum, chairman of the BRICS Business Council Dr Iqbal Survé noted that the NDB is projected to give more loans to the BRICS countries over the next few years than the World Bank gave to them in 75 years. He cited the country's ranking at 21 on the World Bank's Doing Business 2018 report and Transparency International's Corruption Perception Index 2016, on which the UAE is ranked as the 24th least corrupt out of 176 assessed economies, as potential reasons.

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