China and South Africa have formed a stable and strong cooperative relationship in the supply chain and industrial chain.

　　CCTV News:2023 is the 25th anniversary of the establishment of diplomatic relations between China and South Africa, and it is also the BRICS "South Africa Year". At the press conference on August 17th, a spokesman for the Ministry of Commerce said that in recent years, under the strategic guidance and personal promotion of the two heads of state, the economic and trade cooperation between China and South Africa has made great progress.

　　Bilateral trade grew rapidly. In 2022, the bilateral trade volume between China and South Africa reached US$ 56.74 billion, a year-on-year increase of 5%, a record high in eight years. In the first half of 2023, it was further accelerated, with an increase of 11.7%. China has been South Africa’s largest trading partner for 14 consecutive years, and South Africa has been China’s largest trading partner in Africa for 13 consecutive years.

　　Two-way investment has achieved remarkable results. China is one of South Africa’s major sources of investment, with an investment stock of more than 10 billion US dollars, covering finance, home appliances, automobiles, mining, energy and other fields. South Africa is also the African country that actually invests the most in China, and the two sides have formed a stable and strong cooperative relationship in the supply chain and industrial chain.

　　Cooperation under the multilateral framework is strong and effective. The two sides jointly safeguard the non-discriminatory, open, inclusive and transparent multilateral trading system, emphasize the importance of multilateralism, and jointly promote the success of the 12th WTO Ministerial Conference beyond expectations. Relying on the BRICS cooperation mechanism, we issued a unanimous voice to support the multilateral trading system, release the potential of the digital economy, promote trade and investment and sustainable development, and strengthen supply chain cooperation.