Xi will fly to South Africa on Wednesday, where he is expected to preside over a China-Africa economic and investment conference from December 4 to 5. “Both countries agreed that China would increase its sourcing of value added products from South Africa in order to improve the structure of trade between the two countries, which is mainly dominated by exports of raw materials from South Africa to China, and imports of value added products from China by South Africa”, said the Dti.
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China’s growth in Africa has slowed over the past two years as the weakening Chinese economy demands fewer of Africa’s resources, although overall trade topped $200 billion last year.
The Chinese government became Africa’s largest global trading partner in 2009, according to the South African Institute of worldwide Affairs.
The majestic structure, which was built by China in 1966, has been the landmark of the city ever since and only one of epitomes of China’s continuous assistance for Africa.
Mike Danish, a lecturer with International Relations at the University of Witwatersrand in Johannesburg, said China’s establishment of new financing mechanisms such as the Asian Infrastructure Investment Bank and the BRICS New Development Bank was a “clear indication that China wants to assist in the reduction of poverty in Africa”.
Zimbabwe has been struggling with its miserable economy characterized by high unemployment rate, mass company closures, layoffs, food shortages and low liquidity.
Finance Minister Patrick Chinamasa said the visit to Harare by the Chinese leader shows the country’s growing trade and economic ties with Zimbabwe, whereas previously ties between the two countries mainly centred on diplomatic and political issues. Jinping is in Zimbabwe for a two day State visit during which he is set to sign some bilateral agreements aimed at strengthening relationships between the two countries.
As part of the 26 deals signed on Wednesday, China will lend South Africa’s cash-strapped power utility $500 million. It is Xi’s second visit to the “rainbow nation” as China’s head of state.
“This is an historic event as it is the first time the summit has been held on African soil, and it represents an important platform for high-level dialogue and cooperation”.
Among the agreements, several of those signed were in the fields of health and medical sciences, human resource cooperation and industrial development. President Xi said it was his hope that President Mugabe would lead the African Union to new heights as a respected statesman. “What we are asking for is development and socioeconomic upliftment”, he said.
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China has pledged US$100 million (S$141 million) of military aid to the African Union, sent an infantry battalion to support peacekeeping efforts in South Sudan, and deployed frigates to fight piracy off the Somali coast, leading the country to consider building its first overseas naval resupply station in Djibouti. China has invested in construction, energy and telecommunications projects in Zimbabwe.
