China is South Africa’s most significant trading partner in terms of both exports and imports, and has been so for the past four years.
In 2012 trade between South Africa and China amounted to R 201 billion.
Likewise, African trade with China has grown over the past 20 years and China has displaced France as Africa’s largest trading partner.
Today China accounts for 20% of Africa’s trade. In addition, China has proposed or committed about US$101 billion to commercial projects in Africa since 2010, demonstrating the strengthening of political ties between China and Africa.
As facilitators of the flow of capital, goods and services between geographies, the BoC and Nedbank will play a key role in growing and developing this relationship.
The agreement was signed at the Nedbank headoffice in Johannesburg in mid-July 2013, by Mike Brown, Chief Executive of Nedbank Limited, and Zhikun Qiu, Chief Executive of the Johannesburg branch of the Bank of China.