Security, questionnaire and white paper on RMB

"We have full confidence in the future development of South Africa and in the bright prospects for cooperation between China and South Africa. At the same time, however, we must recognise the challenges we currently face in order to promote a healthier, more stable and sustainable development of our bilateral economic and trade relations," said Wu Peng, Ambassador of the People's Republic of China to South Africa.

Speaking at an event jointly organised by the Bank of China (Johannesburg branch) and the Inclusive Society Institute (ISI), Ambassador Wu expressed deep concern about the increase in violent crimes, particularly kidnapping, targeting Chinese citizens in South Africa. Since the beginning of the year, 12 such cases have been reported to the Chinese Embassy. In one case, a woman was held hostage for 40 days and pleas for her release were ignored. "Some are even forced to leave their businesses and return to China," He added. "This situation not only seriously violates the personal security and property rights of our citizens, but also undermines the confidence of Chinese businesses and workers in South Africa."

He also welcomed guests to the event Zhang Chaoyang, Chairman of the South African Chinese Economic and Trade Association (SACETA) and CEO of the Bank of China in Johannesburg, and presented a white paper on the internationalisation of the renminbi (RMB), China's official currency. He outlined how the volatility and unpredictability of the current global financial system have exposed deep structural weaknesses in the international monetary framework. These uncertainties, he noted, have created space for the RMB to take a more prominent role in cross-border trade and investment.

Last year, the RMB facilitated cross-border settlements of an impressive 1.3 quadrillion yen, an increase of nearly 50 % year-on-year. This signals growing global confidence in the currency as a viable alternative for international transactions and settlements, particularly among emerging economies seeking greater financial sovereignty and diversification away from traditional reserve currencies.

To better understand investor sentiment, particularly among Chinese businesses operating in South Africa, the Inclusive Society Institute launched a comprehensive survey. The survey, presented by ISI CEO Darryl Swanepoel, aims to assess the level of satisfaction with investment decisions made in South Africa, expectations versus actual results, and how investor perceptions have evolved over time.

The 38-question survey seeks to identify barriers and systemic inefficiencies such as the complexity of Broad-Based Black Economic Empowerment (B-BBEE) compliance, localization policies, and the lengthy and often frustrating process of obtaining work visas. These factors continue to impede the transfer of knowledge and critical skills that are essential for innovation and job creation.

China's rapid transition to high-quality development has in many ways caught other countries, including South Africa, off guard by the scale and scope of the 'China phenomenon'. The results of the survey are expected to trigger an important dialogue on the practical reforms needed to realise the full potential of this strategic partnership.

The growing international role of the renminbi, if managed pragmatically and fairly, is very promising. Beyond its monetary function, it represents a stabilising force in an increasingly fragmented global order. It offers a path to moderate prosperity, basic human dignity and protection from the evils of crime, inequality and conflict. In a world of instability and turmoil, the renminbi is a symbol of constructive economic diplomacy and a potential shield against serious crime and senseless war.

Kirtan Bhana, TDS

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