China to invest $14b in South Africa

China's President Xi Jinping addresses

The announcement followed a meeting between the two countries' leaders President Cyril Ramaphosa and Chinese President Xi Jinping in Pretoria.

"As we enter the second decade of Brics cooperation, we are determined to expand the bank's role in economic and social development", he said, adding "Intra-Brics cooperation has been gaining momentum in areas such as finance; agriculture; trade; combating transnational crime; science and technology; health; education; security; and academic dialogue".

Chinese President Xi Jinping called on Brazil, Russia, India, China and South Africa (BRICS) to reject protectionism.

"We must seize this important opportunity to enable emerging markets and developing countries to achieve leapfrog development", he told about 1,200 government officials and business people.

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Trump's original demand: a quick, complete, verifiable and irreversible end to the North's nuclear weapons and missile programs. The North has sent mixed signals on its readiness to give up its nuclear programs, and Mr.

He will participate in the two-day BRICS Summit, whose theme this year is "BRICS in Africa".

Trump has said he is ready to impose tariffs on all US$500 billion of Chinese imports, complaining that China's trade surplus with the United States is due to unfair currency manipulation.

President Cyril Ramaphosa also expressed concern about the rise in unilateral measures in global trade, which were incompatible with World Trade Organisation rules.

Ramaphosa will host Xi and the leaders of Brazil, Russia and India at a summit of the BRICS group of emerging economies in Johannesburg later this week, where he will be looking to secure further investment pledges. The South African rand firmed by more than one percent on news of the investment.

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Sources, however, said the tax rate reduction is likely to cost around Rs 8,000-10,000 crore annually to the exchequer. Around 90 consumer items, many of them popular with urban middle-class voters, will be impacted by the tax cut.

Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, told AFP that BRICS leaders would "concur that the U.S. has unleashed punitive trade wars that are hurting all the BRICS members".

According to Minister for Trade and Industry Rob Davies, who addressed the BRICS Business Forum: "South Africa is collateral damage in the current trade wars, as the worldwide trading system is being rebalanced not in the interests of the majority, but in the interests of one party". "So this is taking along the Africa developmental agenda and bringing it into the BRICS agenda. countries like Rwanda, like Senegal, like Togo have been invited to come and attend".

Davies summed up the general sentiment of delegates when he said: "This BRICS Summit will be a signal to the world that there is another part of the world that makes up 42% of the world's population, and that it is significant".

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