China's newly-elected President Xi Jinping with President Jacob Zuma.
President Jacob Zuma and his newly elected Chinese counterpart Xi Jinping on Tuesday oversaw the signing of bilateral agreements concerning international relations, environmental affairs, education and economic development.
In the meeting, Zuma and Xi also signed the terms of reference of the joint interministerial working group on South Africa-China cooperation.
The working group will monitor the implementation of projects initiated through bilateral agreements between both countries.
It was also proposed that 2014 be heralded as the year of South Africa in China and that 2015 be declared the year of China in South Africa to further deepen bilateral relations.
"We have a rich history between our two countries. It was a very productive morning, where our relations were strengthened," Zuma told assembled delegates.
"China's rise has lessons for us all. We can only hope to emulate your success and this is the basis of the agreements signed today."
Strengthening economic ties
The Chinese president said his visit to South Africa is an indication of the important relations the two countries share. "President Zuma and I held very productive talks this morning and our relationship remains one of the most dynamic and important China is involved in," Xi said.
Xi also said China is committed to deepening political trust and strengthening economic ties with South Africa. "We have brought a large trade delegation with us and while we are here business contracts worth billions of dollars will be signed," he added.
"They will be instrumental in the development of South Africa and the continent."
China is currently South Africa's biggest trading partner although this relationship is skewed. Chinese imports far outweigh South African exports to China with the bulk of South African products being raw materials that reach that country.
In 2012 total trade stood at R201-billion with exports from South Africa to China amounting to R89-billion and imports from China to South Africa equalling R112-billion.
"What we now seek to address jointly is to find the means towards a more equitable balance of trade," Zuma added.
Although the fifth Brics (Brazil, Russia, India, China, South Africa) summit gets underway in Durban on Tuesday, little mention was made of what both China and South Africa hope to materialise from the meet. The formation of a Brics bank that will fund development projects in emerging economies remains a big talking point ahead of the summit.
A staggering $50-billion was the projected amount needed for capitalisation of the development finance institution with little clarity on how costs would be divided between members.