Xi Jinping urges fellow BRICS countries to reject go-it-alone trade

Xi Jinping urges fellow BRICS countries to reject go-it-alone trade

Cash-strapped power utility Eskom Holdings SOC Ltd. secured a $2.5 billion long-term loan facility with China Development Bank, taking the funding it's secured to nearly two-thirds of what it needs for this year.

China has a strong presence in Africa.

"This is a normal loan, effective as from the day of the signing".

"We are facing a choice between cooperation and confrontation", he said.

He said the loan demonstrated confidence in Eskom's new board and management.

At the BRICS summit, South African President Cyril Ramaphosa also expressed concern about "the rise in unilateral measures that are incompatible with World Trade Organization rules" and are especially damaging to developing countries.

South Africa has invited the leaders of 22 additional countries to participate in this week's summit, including 19 from Africa. Port and freight rail operator Transnet SOC Ltd. agreed to a long-term loan with Industrial & Commercial Bank of China Ltd., and Naspers Ltd.

South African President Cyril Ramaphosa right shakes hand with Chinese President Xi Jinping after a joint press conference at the government's Union Buildings in Pretoria South Africa Tuesday

Among the deals signed on Tuesday was a US$2.5 billion loan to South Africa's state-run power company Eskom, which is burdened by massive debts and embroiled in graft allegations involving Zuma's government. China is South Africa's biggest trading partner.

Chinese President Xi Jinping said Wednesday that the world faces "a choice between cooperation and confrontation" in remarks critical of escalating US tariffs on goods from China and other major trading partners.

Xi sang praises of his meeting with Ramaphosa and emphasised a need for the two countries to continue working together on trade and political issues given the long standing relations between the two countries‚ which were "normalised" by former president Nelson Mandela.

China has the most at stake in a potential trade conflict, accounting for the bulk of the combined gross domestic product of about $17 trillion that Brics represents.

"We should be resolute in rejecting unilateralism", Xi said at the opening ceremony.

Beijing this week sharply rejected accusations by Mr Trump that it was manipulating the yuan to give its exporters an edge, saying Washington appeared determined to provoke a trade war, according to AFP.

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