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SOUTH AFRICA: Chinese Relationship Gets Rare Upgrade, But Impact Unclear

SOUTH AFRICA
  • At yesterday’s meeting held between Ramaphosa and China’s Xi Jinping, the two countries agreed to upgrade their relations from a “comprehensive strategic partnership” to an “all-round strategic cooperative partnership in a New Era”.
  • While the language was upgraded, Daily Maverick write that the new statement provided little detail over what the concrete difference between the two partnerships would be going forward, although acknowledge that Xi responded positively to Ramaphosa’s request for a more balanced trade relationship between the two countries.
  • GDP data set for release at 1030BST is expected to show GDP slowing on a Y/Y basis to 0.3% (Prev. 0.5%), with quarterly GDP expected at +0.5% (Prev. -0.1%). An inline reading would mean South Africa avoids entering a technical recession, with growth expected to be buoyed by stronger and more consistent power supplies as well as firmer consumer spending.
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