Published: Thu, July 26, 2018
World | By Camille Rivera

China's Xi says 'no winner' in any trade war

China's Xi says 'no winner' in any trade war

Xi said the next decade would see "a profound reshaping of the global governance system" despite the "dark shadows of terrorism and armed conflict" and mounting unilateralism and protectionism.

The Chinese leader told the summit that "we are facing a choice between cooperation and confrontation, between opening up and a closed-door policy".

"China is ready to invest and work with South Africa in various sectors, such as infrastructure development, ocean economy, green economy, science and technology, agriculture, environment and finance", Ramaphosa told reporters.

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At the same time, European Commission president Jean-Claude Juncker is meeting with Trump on Wednesday at the White House to try and de-escalate the looming trade war.

In a speech aimed largely at the Trump administration in the US, President Xi said there could be no victor in any trade war. Modi arrived here from Uganda's capital Kampala, the first bilateral tour by an Indian prime minister since 1997.

Energy Minister Jeff Radebe signed agreements with 27 independent power producers in April, and said last month that bidders would be invited later this year for projects that could amount to investment of as much as 50 billion rand.

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Xi continued that emerging markets and developing countries already contribute 80 percent of global economic growth, and based on exchange rate calculation, these countries account for almost 40 percent of the global economic output.

Analysts say USA trade policy could give the group renewed goal.

Possible future BRICS members and countries who have expressed interest in joining include: Argentina, Indonesia, Mexico, Turkey, Egypt, Iran, Nigeria, Sudan, Syria, Bangladesh and Greece. This week the BRICS business council are holding a summit to chart a way forward on business and trade with the five countries. The summit runs through Friday with various heads of BRICS attending.

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It also stripped the Arabic language of its official status , giving it instead a vague "special status" designation. American Jewish organizations also expressed their disapproval of the law.

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.

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".

Chinese President Xi Jinping and Rwanda's President Paul Kagame address a news conference in Kigali, Rwanda July 23, 2018.

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