China’s Xi will be Brics summit’s magnet

Now that Vladimir Putin is not going to make an appearance at the Brics (Brazil, Russia, India, China and South Africa) Summit (and Foreign Minister Sergey Lavrov is a pale substitute), the star of the show will, undoubtedly, be the president of China, Xi Jinping.

Saying that is not bowing to pressure from Beijing; it is simply an acknowledgement of reality.

China is the world’s second-largest economy and aiming to eclipse the United States before too long. It is also by far the biggest player in Africa, within the Brics group of countries.

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It is the financial muscle behind the New Development Bank, set up by Brics as a way to fund development and also as a counterweight to a global lending system dominated by the West.

There have already been reports that the NDB could help fund some badly needed infrastructure projects in this country, including the rehabilitation of our rail system.

The Chinese are said to be considering investments in key sectors in this country, such as power generation, which has raised the prospect of an end to load shedding. China is also a major market for our exports, although the balance of payments is skewed in favour of Beijing because we import far more than we export.

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Still, many of our consumer products originate in China, which means its companies already have a strong foothold in South Africa.

Interestingly, in neighbouring Zimbabwe, Chinese companies have set up plants to process lithium, responding to concerns voiced by many in Africa that the relationship with Beijing should not be a reprise of exploitative colonialism.

There is also much to learn from China, which has pulled the majority of its population out of poverty in less than 40 years. Despite China’s size and power, South Africa needs to be treated as an equal partner in its relationship with the superpower.

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