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BRICS committed to making pie of global economy bigger

by: - September 14, 2017
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Leaders of BRICS countries pose for group photos after the ninth BRICS summit in the eastern city of Xiamen, Fujian province, Sept 4, 2017. (Photo/Xinhua)

Press Release

(Xinhua) Under China’s presidency, the BRICS mechanism has entered its second “golden decade” with global expectation that it will promote economic recovery amid deglobalization concerns.

Since the first meeting of their foreign ministers in 2006, BRICS countries have achieved 10 years of prosperity, with 42 percent of the world’s population contributing 50 percent of global economic growth.

The five-member bloc has focused on promoting cooperation in such areas as trade and investment, currency and finance, connectivity, sustainable development, innovation and industrial cooperation.

Given a sluggish economic growth and rising protectionism, the world needs BRICS’ unremitting efforts in the next decade to bring confidence and energize common development.

After assuming the rotating presidency this year, China, together with the other four members of Brazil, Russia, India and South Africa, has formulated a series of platforms within the BRICS mechanism to deliver tangible achievements.

The BRICS mechanism is based on results-oriented cooperation, and significant progress has been made in this regard.

While the bloc is dedicated to strengthening South-South cooperation, it is not intended to “move the cheese of anyone,” as Chinese President Xi Jinping said at a three-day summit in China’s coastal city of Xiamen, but to “make the pie of the global economy bigger.”

Actions speak louder than words. Xi announced at the summit that China will offer 500 million yuan (about 76 million U.S. dollars) to facilitate practical cooperation in economy and trade, and another 4 million dollars for projects of the BRICS New Development Bank, a Shanghai-headquartered body set up in 2015 as the bloc’s major contribution to the world financial system.

It is worthy noting that the group has decided to invite more countries to participate in the mechanism, a move that will turn it into an engine for developing countries to stimulate mutually beneficial and win-win cooperation.

As a stakeholder in shaping world order and safeguarding peace, the BRICS should further strengthen communication and coordination on major global and regional issues, and promote democracy in international relations so as to serve as a stabilizer for the world.