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Important news
在线翻译:
szdaily -> Important news
COOPERATION IN SECOND GOLDEN DECADE: XI TO BRICS
    2017-September-4  08:53    Shenzhen Daily

PRESIDENT Xi Jinping said yesterday that BRICS countries should work to usher in the second “golden decade” of cooperation and work to let their economic cooperation have more substance.

“Economic cooperation is the foundation of the BRICS mechanism,” Xi said in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen, Fujian Province.

He said going forward, BRICS countries have major tasks to accomplish, which are to grow economies and to strengthen cooperation.

“It is time to set sail when the tide rises,” Xi said.

BRICS groups five emerging-market countries — Brazil, Russia, India, China and South Africa. The cooperation framework was set up in 2006.

Xi said this year BRICS countries have made progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership.

He said BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation.

Xi said BRICS economies are facing challenges posed by shrinking global demand and rising financial risks.

To get through this stage, BRICS economies should pursue innovation-driven development created by smart manufacturing, the Internet Plus model, digital economy and sharing economy, Xi said.

He said BRICS countries should improve macroeconomic policy coordination, synergize development strategies, leverage strengths in industrial structure and resources endowment, and create value chains and a big market for shared interests to achieve interconnected development.

“We should blaze a new path that may also help other emerging market and developing countries to seize opportunities and meet challenges,” Xi said.

Xi said emerging market and developing countries are playing an ever greater role in international affairs.

Calling BRICS cooperation “a natural choice” made by the five countries, Xi said the bloc has become a bright spot in the global economy in the past decade.

Together, the five accounted for 23 percent of the 2016 global economy, almost double their share in 2006, and contributed to more than half of global growth.

Xi said the past decade has seen the countries making headway in pursuing common development, with their combined GDP having grown 179 percent, trade having increased 94 percent and urban population having expanded 28 percent during the period.

The bloc has contributed significantly to stabilizing the global economy and returning it to growth, and has delivered tangible benefits to more than 3 billion people, he said.

The New Development Bank and the Contingent Reserve Arrangement have provided financing support for BRICS infrastructure building and sustainable development, contributing to enhanced global economic governance and the building of an international financial safety net, he said.

About 1,200 people, including 1,069 senior executives from 630 companies from China and abroad, joined the two-day forum.

The emerging markets’ cooperative mechanism was initially launched in 2006 with four members — Brazil, Russia, India and China. South Africa was admitted in 2010. The group’s first summit was held in Yekaterinburg, Russia, in 2009.

(Xinhua)

 

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