South Africa is likely this week to provide a platform for a Chinese-led fightback against US President Donald Trump’s protectionist agenda as it hosts counterparts of the so-called “BRICS” group of nations. The BRICS group encompasses Brazil, Russia, India, China and South Africa.
Chinese President Xi Jinping (習近平) has already used his visit to the country to forge friendships and consolidate influence in Africa with multibillion-dollar investments, including South Africa, which counts China as its biggest trading partner. China has the most at stake in a potential trade conflict, accounting for the bulk of the combined GDP of about US$17 trillion that BRICS represents.
“I expect to see a bold, sweeping statement led by the Chinese side that will condemn protectionism and deglobalization with an intent to keep the global trading regime intact and predictable,” Martyn Davies, managing director for emerging markets and Africa at Deloitte, said by telephone. “Access to the global economy through trade has underpinned China’s economic success over the past two-and-a-half decades.”
Photo: AFP
The five countries’ GDP is now more than 90 percent of the size of US output. While they have combined foreign-exchange reserves of US$4 trillion, the group’s currencies, stocks and bonds took a hit from the trade war and policy tightening by the US Federal Reserve.
Xi’s counterparts from Russia, Brazil and India will join him at the summit, as will Turkish President Recep Tayyip Erdogan and African leaders such as Angolan President Joao Lourenco and Zambian President Edgar Lungu.
“China is the most important trade country in this coalition and is likely to offset the negative impact from greater US protectionism through increased domestic stimulus,” Standard Chartered Bank thematic research head Madhur Jha said in response to e-mailed questions.
The BRICS nations would “reiterate their own domestic agendas at this meeting, as well as commit to more trade and investment among these countries,” she said.
China on Tuesday pledged to invest US$14.7 billion in South Africa and grant loans to its state power utility and logistics company.
The rand gained on the back of the announcement, and yesterday traded a further 0.2 percent stronger at 13.25 rands to the US dollar.
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