In recent years, under the strategic guidance and personal impetus of our presidents, China-South Africa trade and economic cooperation has scored leapfrog development. First, bilateral trade grew fairly fast. In 2022, bilateral trade value hit an eight-year high of USD56.74 billion, up 5% year-on-year. In the first half of this year, it grew even faster by 11.7%. China has been South Africa’s largest trading partner for 14 years in a row, while South Africa has been China’s largest trading partner in Africa for 13 consecutive years. Second, two-way investment is fruitful. China is a main source of foreign investment for South Africa, with over USD10 billion in stock investment covering finance, home appliances, automotive, mining and energy, among others. South Africa also registers the most paid-in investment in China among African countries. The two sides have formed a stable and robust partnership on supply chains and industrial chains. Third, cooperation under the multilateral framework is dynamic and effective. Upholding a non-discriminatory, open, inclusive and transparent multilateral trading system and stressing the importance of multilateralism, the two sides jointly drove WTO MC12 to unexpected success and speak with one voice for bolstering the multilateral trading system, unleashing the potential of the digital economy, promoting trade, investment and sustainable development, and strengthening supply chain cooperation through the BRICS cooperation mechanism.

This year marks the 25th anniversary of China-South Africa diplomatic relations, concurring with South Africa’s BRICS chairship. China would like to take this opportunity to work with South Africa and continue to take active and effective measures to expand the scale of trade and investment, deepen industrial chain and supply chain cooperation, help maintain a diversified and stable international economic landscape, and drive high-quality bilateral trade and economic relations from a new historical starting point. Thank you.