South African President Zuma in China to narrow trade deficit

By bne IntelliNews August 24, 2010
With GDP growth forecast at2.3% South Africa shows up in an unfavourable light against China, with Zumalooking for ways to narrow SAs trade deficit with Beijing. South Africa islooking for expanded trade that will help meet its development needs,especially by improving infrastructure and livelihoods, Zuma told a forum ofbusiness executives from China and South Africa. China is South Africaslargest trading partner, but ran at a USD 2.7bn trade deficit with China. AfterZumas departure, Chinese and South African officials signed a series ofmemorandums of understanding about investments in clean energy, powertransmission and railways, as well as an EUR 240mn loan agreement between SAsthird largest mobile phone operator, Cell C, and China Development Bank.Chinese Deputy Minister of Commerce, Gao Hucheng, said that Chinas demand forenergy and resources, and South Africas assets in these areas, meant there wasmuch room for co-operation.  

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