China and South Africa have agreed to boost trade balance and encourage more two-way investment

Beijing (Reuters) - China and South Africa on Tuesday (September 3) issued a joint statement elevating their relationship to a "comprehensive strategic cooperative partnership in a new era", in which the two sides will promote trade balance and encourage their respective business communities to increase two-way investment.

The two sides agreed that Ramaphosa's visit to China is "of great significance" to promoting the development of China-South Africa relations and promoting the building of a high-level China-Africa community with a shared future, the statement said.

China is South Africa's largest trading partner in the world, but last year South Africa imported far more from China than it exported.

In the joint statement, the two sides vowed to deepen cooperation in traditional areas such as agriculture, health, medicine and infrastructure construction, and further expand economic and trade ties by optimizing trade structure, increasing market access and expanding South Africa's exports of high value-added products.

At the same time, the two sides encourage their respective business communities to increase two-way investment, increase manufacturing bases near the source of relevant raw materials, and promote the transfer of technological skills and job creation.

On expanding employment space, the statement said that China is willing to hold a recruitment conference with South Africa to promote local employment and improve people's livelihood.

The two countries are also seeking to expand cooperation in renewable energy, energy storage, transmission and distribution, and will co-host a new energy investment conference through chambers of commerce and associations of both sides.

The two countries signed a number of cooperation documents, including the application of satellite navigation systems, housing and resettlement, and South Africa's export of dairy products and raw wool to China, among other projects.

However, the joint statement did not include any specific new investment or financing commitments, in contrast to commitments by Chinese power companies to help South Africa upgrade its nuclear power plants and extend the life of its coal-fired power stations when the two presidents met in Johannesburg last August ahead of the BRICS summit.

In the joint statement, the two heads of state also called on the international community to support African countries in their efforts to implement the African Continental Free Trade Agreement, which will establish the world's largest free trade area, create a single continental market for goods and services, and help promote the integration process of Africa.