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Chinese president in SA for summit
Chinese President Xi Jinping (left) is welcomed by South African minister for International Relations Maite Nkoana-Mashabane as he arrives at the Waterkloof airfield in Pretoria on December 2, 2015. The Chinese President is in South Africa for a two-day investment summit with Africa's regional leaders. PHOTO | DEPARTMENT OF INTERNATIONAL RELATIONS |
What you need to know:
- Chinese President Xi Jinping arrived in South Africa today ahead of a two-day summit with regional leaders as Africa seeks further massive investment despite the Asian giant’s economic slowdown.
- Mr Xi will hold talks with South African President Jacob Zuma in Pretoria on Wednesday before the sixth Forum on China-Africa Cooperation (FOCAC) opens in Johannesburg’s financial district of Sandton.
- China became Africa’s largest trading partner in 2009, with volumes expected to exceed $300 billion this year.
JOHANNESBURG, Wednesday
Chinese President Xi Jinping arrived in South Africa today ahead of a two-day summit with regional leaders as Africa seeks further massive investment despite the Asian giant’s economic slowdown.
A slew of deals are expected to be announced for power plants, infrastructure and agriculture projects, but analysts say Chinese largess across the continent has already been reined in this year.
China drove the commodity boom as it bought up oil, iron ore, uranium and copper around the world over the past decade, but its growth has dipped this year, triggering a sharp slump in prices.
CHINA-AFRICA RELATIONS
Mr Xi said in a statement that the summit, which starts on Friday, would be “a milestone in advancing China-Africa relations across the board”.
“I look forward to... injecting fresh impetus into the future of China-Africa friendship and cooperation under the new conditions.”
But Africa is already feeling the pinch, with Chinese investment falling by more than 40 percent in the first half of 2015, according to official data. “The rhetoric will probably be very excitable, as usual.
‘‘You have got to separate the rhetoric from reality,” Ian Taylor, professor of international relations at the University of St Andrews, told AFP.
“We are likely to see a more sober meeting point between China and Africa.”
Mr Xi will hold talks with South African President Jacob Zuma in Pretoria on Wednesday before the sixth Forum on China-Africa Cooperation (FOCAC) opens in Johannesburg’s financial district of Sandton.
“China’s packages towards Africa are going to be more diversified,” said Yun Sun, China expert at the US-based Brookings research organisation.
“The Chinese always emphasise that its economic engagement in Africa is not altruistic.
“In some cases, Beijing is willing to put up with a loss, but their foreign reserves aren’t unlimited.”
LARGEST TRADING PARTNER
China became Africa’s largest trading partner in 2009, with volumes expected to exceed $300 billion this year.
China says it gave more than $117 million of aid to affected areas during the Ebola crisis in West Africa, and also sent hundreds of medical workers to help.
Among many African countries hit by the Chinese slowdown, Zambia exemplifies the impact of falling commodity prices.
Its economy relies on exports of copper, which has fallen in price by 30 per cent this year.
