Ramaphosa makes it rain as he secures $14.7-billion from China

Xi Jinping,Cyril Ramaphosa,China

Chinese President Xi Jinping and South African President Cyril Ramaphosa in Pretoria on Tuesday

"PM Narendra Modi welcomed by the host of the evening South African President Cyril Ramaphosa on the eve of the 10th BRICS Summit beginning tomorrow", External Affairs Ministry Spokesperson Raveesh Kumar said in a tweet.

"It is hard to deny that the global market sentiment continues to be manipulated in large extents by the trade war uncertainties, which many think represent the largest risk to the world economy since the global financial crisis", Global Head of Currency Strategy and Market Research at FXTM Jameel Ahmad told AFP.

"We are facing a choice between cooperation and confrontation, between opening up and closed-door policy and between mutual benefit and a beggar-thy-neighbour approach".

Speaking at the same event, Chinese President Xi Jinping said the world's second-biggest economy would take active measures to expand imports from South Africa to support development in Africa's most industrialised economy. Xi is on an official state visit to South Africa ahead of the 10th summit of the BRICS nations - Brazil, Russia, India, China and South Africa - that begins in Johannesburg on Wednesday. "China will continue to develop itself with its door wide open".

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He will participate in the two-day BRICS Summit, whose theme this year is "BRICS in Africa".

The BRICS countries comprise more than 40% of the global population but have never worked as a co-ordinated economic bloc. "The collective rise of emerging markets and developing countries is unstoppable, and it will make global development more balanced and global peace more firmly based".

"China is the most important trade country in this coalition and is likely to offset the negative impact from greater United States protectionism through increased domestic stimulus", said Madhur Jha, head of thematic research at Standard Chartered Bank. The summit is taking place in Johannesburg. 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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