China invests "BIG TIME" in Africa under Trade Wars!

 South Africa is likely this week to provide a platform for a Chinese-led fightback against Donald Trump’s protectionist agenda as it hosts counterparts of the so-called BRICS group of nations.

The annual summit of the coterie of emerging economic powers first identified by former Goldman Sachs Asset Management Chairman Jim O’Neill is the 10th since its leaders started meeting and the first since the prospect of a full-blown global trade became a real threat. The BRICS group encompasses Brazil, Russia, India, China and South Africa.

Chinese President Xi Jinping has already used his visit to the country to forge friendships and consolidate influence with multi-billion dollar investments in Africa, including South Africa, which counts China as its biggest trading partner. Xi’s country has the most at stake in a potential trade conflict, accounting for the bulk of the combined gross domestic product of about $17 trillion that BRICS represents.

Read more about China’s investment pledge to South Africa


“I expect to see a bold, sweeping statement led by the Chinese side that will condemn protectionism and de-globalization 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 phone. “Access to the global economy through trade has underpinned China’s economic success over the past 2 1/2 decades.”

O’Neill coined the BRIC term in 2001 to describe the four emerging powers he estimated would equal the U.S. in joint economic output by 2020. Brazil, Russia, India and China invited South Africa to join the group in December 2010. The five countries’ GDP is now more than 90 percent the size of U.S. output. While they have combined foreign-exchange reserves of $4 trillion, the group’s currencies, stocks and bonds took a hit from the trade and policy tightening.

South Africa is likely this week to provide a platform for a Chinese-led fightback against Donald Trump’s protectionist agenda as it hosts counterparts of the so-called BRICS group of nations.

The annual summit of the coterie of emerging economic powers first identified by former Goldman Sachs Asset Management Chairman Jim O’Neill is the 10th since its leaders started meeting and the first since the prospect of a full-blown global trade became a real threat. The BRICS group encompasses Brazil, Russia, India, China and South Africa.

Chinese President Xi Jinping has already used his visit to the country to forge friendships and consolidate influence with multi-billion dollar investments in Africa, including South Africa, which counts China as its biggest trading partner. Xi’s country has the most at stake in a potential trade conflict, accounting for the bulk of the combined gross domestic product of about $17 trillion that BRICS represents.

China invests BIG TIME in Africa under Trade Wars! Breaking News







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