Banners emblazoned with positive slogans such as "Friendship, Peace, Cooperation and Development" and "China-Africa Development Fund: Operating on the principles of honesty, mutual benefit and success" covered the hall at the launch of the China-Africa Development Fund (CADFund) representative office in Johannesburg, South Africa, yesterday.

Chinese and South African dignitaries marked the occasion, as a memorandum of understanding between the CADFund and the Department of Trade and Industry was signed and a plaque unveiled with great ceremony.

However, African National Congress (ANC) leader and probable President Jacob Zuma did not make an appearance as promised. Instead, ANC Treasurer-General Matthews Phosa represented the ruling party.

The development of mining, agriculture and infrastructure was "in the minds of the ANC ahead of the elections," Phosa said. For this reason, the business support extended by the Chinese was welcomed by the party.

Phosa emphasised that both the person-to-person and economic understandings between China and South Africa would be positive for the country going forward. The CADFund would define South Africa's "political and economic relationship with China" after the elections.

Attending South African government representatives could not pass up the opportunity for electioneering. "Working together, we can do more," said Deputy Trade and Industry Minister Elizabeth Thabete, in reference to the growing cooperation with China.

Thabete emphasised this reciprocity as she said that a new economic order would be established in which Africa would no longer be on the periphery. China-Africa economic relations would contribute to this process through "mutually beneficial outcomes".

The CADFund was established at a meeting of the forum on China-Africa cooperation (FOCAC) in 2006, under the auspices of the China Development Bank (CDB), with the aim of acting as the bridge between China and Africa in economic collaboration. The fund would encourage Chinese enterprises to grow in Africa, as well as aid in developing African businesses.

According to the chief governor of the CDB, Chen Yuan, the CADFund had invested $400-million in African businesses to date.

China had shown great interest in South Africa in recent years, as was evident from a Chinese bank buying into Standard Bank in 2007.

The stated intention of the China-Africa partnership in general, and the CADFund in particular, was "mutual benefit", as Africa stood to profit from increased investment in its development, while China would gain access, through strategic investments, to resources and minerals. However, in the past, China's motivation for investing in Africa has been called in to question.