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

A Brics logo in Johannesburg. China is likely to mount fight-back against US trade policy at the summit. Reuters

A Brics logo in Johannesburg. China is likely to mount fight-back against US trade policy at the summit. Reuters

Chinese President Xi Jinping has told members at the BRICS Summit that they should reject unilateralism outright.

Chinese President Xi Jinping visited Rwanda from Sunday to Monday and granted a loan to build two roads.

Prime Minister Narendra Modi was welcomed by South African President Cyril Ramaphosa after he arrived in the country to attend the BRICS Summit beginning tomorrow.

"With China we signed a loan agreement of $76 million for the road from Huye to Kibeho and for the new Bugesera airport access road it is $50 million", Ndagijimana said.

They were speaking at a three-day meeting of BRICS leaders in Johannesburg, South Africa.

He believed the countries taking part in the summit - China, Russia, India, Brazil and South Africa - should be resolute against closed-door protectionism.

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules, and we are anxious about the impact of these measures, especially as they impact on developing countries and economies", said Ramaphosa.

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
Almost halfway to a trillion; China pledges $14.7bn in investments to South Africa

In the face of growing protectionism globally, South Africa needs to focus on being more competitive rather than fixating on external factors, Fuzile said.

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules, and we are anxious about the impact of these measures", South African President Cyril Ramaphosa told the summit's opening session.

"China is the most important trade country in this coalition and is likely to offset the negative impact from greater U.S. protectionism through increased domestic stimulus", Madhur Jha, head of thematic research at Standard Chartered Bank, said in response to e-mailed questions.

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.

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules and are anxious about the impact of these measures, especially on developing countries".

South African Trade Minister Rob Davies said the country was suffering collateral damage from the USA tariffs on steel and aluminium.




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