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China commits 500 million yuan to BRICS

Xiamen: -- China will offer 500 million yuan (about US$76 million) for the first term to facilitate policy exchange and practical cooperation in the economic and trade fields.

The support was announced by Chinese President Xi Jinping at the opening ceremony of the ninth BRICS Summit in Xiamen, Fujian province, China, on Monday.

Journalists view leaders of the BRICS countries on the big screen at the media centre.

The summit was attended by the leaders of the BRICS countries: Brazilian President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and South African President Jacob Zuma.

China will also contribute US$4 million to the NDB Project Preparation Facility to support the business operation and long-term development of the bank.

China will work with all parties to follow through on the outcomes and consensus achieved in the past, and make good use of existing mechanisms.

“Together, we must seize the historic opportunities of the new industrial revolution, explore new areas and models of practical cooperation, and enh ance our links to ensure sustained and steady progress of the BRICS cooperation mechanism,” President Xi said.

It is worth 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 st rengthen communication and coordination on major global and regional issues, and promote democracy in international relations so as to serve as a stabiliser for the world.

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 sluggish economic growth and rising protectionism, the world needs BRICS' unremitting efforts in the next decade to bring confidence and energise common development.

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

China this year also invited the leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand to attend the Dialogue of Emerging Markets and Developing Countries during the summit and engage in dialogue with the BRICS members.

The original term BRIC, coined by former Goldman Sachs economist Jim O'Neill in 2001, referred to Brazil, Russia, India and China, four emerging markets with faster growth and greater potential. In 2010, South Africa joined the group and the acronym was changed to BRICS.

An important side-event of the BRICS summit, the forum was launched in 2010 and is hosted by the country holding the rotating presidency of BRICS. China holds the BRICS presidency this year.

 

By Khonesavanh Latsaphao
(Latest Update September 8, 2017)


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