Likely shape of China-South Africa cooperation in BRICS
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BRIC became BRICS when South Africa joined the emerging economies club in December 2010. The first summit of the enlarged organization will take place this month in China's southernmost city, Sanya.
BRICS, comprising Brazil, Russia, India, China and South Africa, is intended to enhance the influence of emerging economies, and purposely excludes western developed countries. The addition of South Africa means BRICS will be able to work more effectively on issues like climate change, reform of the United Nations, achieving anti-poverty goals, and building a more balanced world order.
When South African President Jacob Zuma visited China in August 2010, the two countries declared a broad strategic partnership. South Africa's participation in BRICS will further enhance cooperation.
A new world order
South Africa is pursuing a more democratic world order through diplomatic efforts. China and South Africa will enhance their cooperation on defending the interests of developing countries and addressing global economic imbalances. BRICS will support South Africa in its efforts to maintain peace and stability in Africa and resist outside interference.
International financial reform
South Africa wants a bigger say for emerging economies in international financial institutions, especially in electing the directors of the World Bank and the IMF. The BRICS countries can work together to demand equal voting powers for developing countries, reform of election procedures, and the abolition of the veto system.
RMB exchange rate
China will try to secure South African support on the issue of the RMB exchange rate. Brazil's Development, Industry and Commerce Minister Fernando Pimentel recently said that President Rousseff is to raise the RMB exchange rate at the coming BRICS summit. The recent appreciation of the Brazilian real has hit the country's exports and Pimentel's remarks indicate Brazil may join those countries pressuring China to revalue the RMB. China is likely to work with South Africa to win Brazilian support for its managed floating exchange rate regime.
