Multi-billion dollar SA, China deals to enable economic growth

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The meeting will also review the progress of the outcomes of the Johannesburg summit, during which President Xi Jinping announced 10 major co-operation plans to promote industrialisation and agricultural modernisation in Africa. Over the past five years, there were more than 100 activities on cultural exchanges and 200 cultural cooperation projects.

ZIMBABWE is working closely with China to support local exporting companies as part of measures to boost its foreign currency earnings, which will in turn stabilise the economy, Foreign Affairs and International Trade Minister Dr Sibusiso Busi Moyo has said.

"As the RMB (yuan) becomes weaker, and China is perceived internationally as a more ambiguous partner, it's more likely that the countries will take a more jaundiced eye on these projects". China-Africa trade volume amounted to 170 billion US dollars in 2017, up from just over 10 billion dollars in 2000, according to data from China's Ministry of Commerce.

In addition, he said China will encourage companies to invest at least $10 billion in Africa over the next three years.

Government debt from China's interest free loans due by the end of 2018 will be written off for indebted poor African countries, as well as for developing nations in the continent's interior and small island nations, Xi said.

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Over the past 18 years, achievements have been made in political, economic and people-to-people exchanges between China and Africa. South Africa is the top destination of Chinese investment in Africa, with investments of more than $25bn in accumulative terms having accrued by June 2017.

"Only the people of China and Africa have the right to comment on whether China-Africa cooperation is doing well", Xi said.

Multi-billiion dollar agreements entered between South Africa and China will enable economic growth and educational opportunities, among other benefits, President Cyril Ramaphosa's office said on Monday.

Apart from military aid to the African Union, Beijing will support countries in the Sahel region and others bordering the piracy-ridden Gulf of Aden and Gulf of Guinea.

These African leaders will be treated like kings, fed plenty Chinese curry, alcohol and given all sorts of toys and tokens while the Chinese looks at their begging bowls and how to further suffocate them with debt.

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"As it is, nearly all African countries have loans or grants from China, so it would make economic sense to repay in yuan", said MEFMI spokesperson Gladys Siwela-Jadagu.

He listed eight focal areas of funding that would premise the emergence of the "China- Africa community with a shared future in the new era". "We hope the ICC can prudently handle the relevant issue", Foreign Ministry spokeswoman Hua Chunying told reporters.

It is the only African state to maintain diplomatic ties with Taiwan. Once signed, the deal would be the first of its kind between China and an African country.

A number of bilateral cooperation agreements will also be signed, which will outline a plan for China and Africa cooperation over the next three years and beyond.

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