BRICS cooperation started in 2006. The 10 years that followed has been a decade of hard work and great achievements. We have stood together in face of challenges to achieve mutually beneficial cooperation. Together, we have contributed more than 45% of world economic growth, achieved a miracle of economic development and surely stood out as the major engine for recovery and growth of the world economy.
Looking back at the world economy for the past hundreds of years, mankind has evolved from closed to open, individual to collective, competition to cooperation in the process of economic globalization. In the past 20 years, developing countries have actively participated in economic globalization and integrated themselves into the Global Value Chains, which have contributed greatly to building world economic new order and establishing a new global governance structure.
World economic growth remains sluggish, trade growth has been lower than economic growth for many years and international investment will need more time to reach the peak level of 2008. Economic globalization is suffering setbacks while protectionism is coming back. Traditional and non-traditional threats are entwined, raising the uncertainties in the world economy significantly.
In such a complex and fluid environment, BRICS countries should jointly tackle challenges and push forward economic globalization. We should deepen practical cooperation in such fields as trade and investment, money and finance, and infrastructure construction. We should also strengthen macroeconomic policy coordination and our development strategies synergy, setting a new course for collective cooperation and growth among BRICS countries.
Just as President Xi Jinping said in the Belt and Road Forum for International Cooperation, “So long as we press ahead with a common vision without backpedaling or standing still, we will achieve greater connectivity and benefit from each other's development.” We should stay true to our mission, hold the spirit of open, inclusive, balanced and beneficial to all in pushing forward economic globalization and strengthen the BRICS cooperation mechanism. Together, we can build a brighter future for all.