Beijing’s interest comes with strings

YOUR alarming headline last week — “SA edges closer to junk rating” — indicates how the economy has been allowed to flounder, because of mismanagement, capricious decisions made without thought of their consequences, and rapacious greed.

We now have an estimated loss through corruption of R850-billion; in the past six years our national debt has increased by 50%, yet we have little to show for it and the cost of borrowing runs into billions.

It seems the only country willing to invest in our economy is China, but it will come with strings attached. Chinese President Xi Jinping has recognised that part of our problem is a poor skills base and incompetent officials.

He has also stated the obvious: the remedy lies in expanding our industrial sector, improving our agricultural output, modernising, and producing an environment of peace and security.

South Africa does not have to import advice from outside; the government needs to engage with our business leaders, where there is much intellectual property. It needs to curtail the power of the trade unions and be flexible on labour laws. — Ted O’Connor, Johannesburg