On Mar. 26, Mr. Fu Zhihuan, Honorable Chairman of the Finance & Economic Committee, National People's Congress visited the South African National Parliament with his delegation, which was composed of economic specialists.

On top of the program is a consultation with his counterpart, Hon NM Nene, Chairperson of the Portfolio Committee on Finance. Mr. Nene and MPs of the Financial Committee welcomed the Chinese delegation at the Old Assembly Wing, a place symbolic and full of history. The two parties exchanged views on a broad range of issues, such as economic imbalance, state-owned enterprises, investment, job creation, income gap and social welfare etc.

In 1994, said Nene, South Africa is not having good economic conditions for the majority of people are excluded from the economic main stream. Now South Africa is developing steadily… South Africa has very friendly environment for investment, low tax rate etc. South Africa also provides good financial and law services, which is unique in Africa. South Africa is always viewed as the gateway of Africa. The bilateral Agreement signed by the two governments during the visit of Chinese president last February provides many preferential conditions for trade and investment, he noted, hope more Chinese enterprises with competitive edge would invest in South Africa.

Fu cites statistics showing there are more SA entrepreneurs in China than Chinese entrepreneurs in South Africa in recent years. Although the bilateral trade volume reached 10 billion USD last year, there's still plenty room for development.

After the consultation, Fu attended the luncheon hosted by Nene and his colleagues in the same building.

In the afternoon, Fu paid a courtesy call to Hon G L Mahlangu- Nkabinde, the Deputy Speaker of National Assembly. Madam Speaker welcomed Fu's visit and expressed her hope that besides financial committees, all committees should have consultations. She pointed out that since the establishment of the strategic partnership, relationship between China and South Africa witness rapid development. China's National People's Congress was the first one SA National Parliament signed MOU on establishment of regular exchange mechanism with. "We'll see how it works…"she said, "I believe united we are stronger."

H. E. Mr. Shi Weiqiang, Consul General of China in Cape Town accompanied the delegation and participated in all above functions.