China to provide $76m for BRICS

Xi Jinping called on the five nation group to forge unity and make economic globalisation open and inclusive, and beneficial to all.

XIAMEN: China will provide $76 million for a BRICS economic and technology cooperation plan and another $4 million to support the projects of the bloc’s New Development Bank, President Xi Jinping announced on Monday.

Calling on the five nation grouping to forge unity to jointly advance solutions for international peace and development, Xi said the BRICS countries should make economic globalisation open and inclusive, and beneficial to all.

“I wish to announce here that China will launch the economic and technical cooperation plan for BRICS countries with 500 million yuan [about $76 million at the current exchange rates] for the first term to facilitate policy exchange and practical cooperation in economic and trade field,” Xi said at the opening of the plenary session at the BRICS Summit in Xiamen.

Prime Minister Narendra Modi along with other leaders of the BRICS countries participated in the meeting.

Xi also said China will contribute $4 million for the New Development Bank (NDB) setup by the BRICS countries.

The money was meant for project preparation facility to support the business operation and longterm plans of the bank, he said.

“We need to make the international order more just and equitable. Our ever closer ties require that we five countries play more active in global governance. Without our participation, many pressing global challenges cannot be effectively resolved,” he said.

On the broader future role for BRICS (Brazil, Russia, India, China and South Africa), Xi said the grouping should speak in one voice and jointly present solutions to issues concerning international peace and development.

“This meets the expectation of the international community and will help safeguard our common interests,” he said.

“We should remain committed to multilateralism and basic norms governing international relations, work for new type of international relations and foster peace and stable environment of all countries,” Xi said.

He said the BRICS countries should build open economy, support multilateral trade regime and oppose protectionism.

“We need to advance the reform of the global economic governance, increase the representation and voice of the emerging markets and developing countries and in- ject new impetus to advance efforts to address the development gap between north and south and boost global growth,” he said.

Xi said the grouping should endeavour to promote practical economic cooperation.

Despite the achievements the bloc has made, the potential for cooperation has yet to be fully unleashed, Xi said.