China an inspiration for South Africa, Xi is told
Source: Agencies |
March 27, 2013, Wednesday
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Print Edition
Print Edition
Chinese President Xi Jinping and his South African counterpart Jacob Zuma have agreed to further boost bilateral relations.
Xi, on a three-nation visit to the continent, said yesterday China valued the relationships it has established with trading partners and will work to preserve them.
"We each see the other side as priority ... and see the other side as an opportunity for our own development," he said in talks with Zuma. "We are committed to strengthening our political trust, intensify economical cooperation, expand people to people exchanges and elevate the level of our cooperation to the benefit of people in both countries."
Zuma hailed China's economic success as an inspiration for Africa's biggest economy.
"We view China's success as a source of hope and inspiration as we engage with the task of finding our own solutions for bringing about a better future," Zuma said. "The rise of China therefore has lessons for us all as we seek to emulate your example."
China, the world's second-largest economy, is South Africa's biggest trading partner and a "significant investor," Zuma said.
Total trade between China and South Africa totalled 201 billion rand (US$21.7 billion) last year, he said. Exports from South Africa to China stood at 89 billion rand, while imports from China to South Africa totalled 112 billion rand.
A "more equitable balance of trade" is now being sought, Zuma said.
The two leaders later witnessed the signing of a array of agreements on trade and investment, education, infrastructure development and coastal management.
The leaders were heading for Durban to meet their counterparts at the two-day summit of the BRICS grouping of Brazil, Russia, India, China and South Africa which ends today.
Xi expressed hope the talks between the five major emerging economies "will generate positive results and help elevate the cooperation between BRICS countries and African countries to a higher level."
At the summit, plans to create a joint foreign exchange reserves pool and an infrastructure bank are expected to be endorsed.
The reserves pool of central bank money would be available to emerging economies facing balance of payments difficulties or could be tapped to stabilize economies during periods of global financial crises, according to documents outlining the plan.
Officials say the BRICS countries are considering injecting an initial US$50 billion into the new infrastructure bank. But the specifics of the scale, location and structure of the institution are still being thrashed out.
From South Africa, Xi will travel to the Republic of Congo on the next leg of his first presidential foreign trip which began in Russia.
Xi, on a three-nation visit to the continent, said yesterday China valued the relationships it has established with trading partners and will work to preserve them.
"We each see the other side as priority ... and see the other side as an opportunity for our own development," he said in talks with Zuma. "We are committed to strengthening our political trust, intensify economical cooperation, expand people to people exchanges and elevate the level of our cooperation to the benefit of people in both countries."
Zuma hailed China's economic success as an inspiration for Africa's biggest economy.
"We view China's success as a source of hope and inspiration as we engage with the task of finding our own solutions for bringing about a better future," Zuma said. "The rise of China therefore has lessons for us all as we seek to emulate your example."
China, the world's second-largest economy, is South Africa's biggest trading partner and a "significant investor," Zuma said.
Total trade between China and South Africa totalled 201 billion rand (US$21.7 billion) last year, he said. Exports from South Africa to China stood at 89 billion rand, while imports from China to South Africa totalled 112 billion rand.
A "more equitable balance of trade" is now being sought, Zuma said.
The two leaders later witnessed the signing of a array of agreements on trade and investment, education, infrastructure development and coastal management.
The leaders were heading for Durban to meet their counterparts at the two-day summit of the BRICS grouping of Brazil, Russia, India, China and South Africa which ends today.
Xi expressed hope the talks between the five major emerging economies "will generate positive results and help elevate the cooperation between BRICS countries and African countries to a higher level."
At the summit, plans to create a joint foreign exchange reserves pool and an infrastructure bank are expected to be endorsed.
The reserves pool of central bank money would be available to emerging economies facing balance of payments difficulties or could be tapped to stabilize economies during periods of global financial crises, according to documents outlining the plan.
Officials say the BRICS countries are considering injecting an initial US$50 billion into the new infrastructure bank. But the specifics of the scale, location and structure of the institution are still being thrashed out.
From South Africa, Xi will travel to the Republic of Congo on the next leg of his first presidential foreign trip which began in Russia.
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