2016年CRI Chinese president urges BRICS countries to cement confidence to act against challenges

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Noting that many underlying¹ problems which could probably trigger a global financial crisis have not been solved, President Xi made several proposals to the BRICS nations.

"First, we should advance structural² reforms, and innovate³ growth patterns to build up an open economy. Second, we should continue to boost South-South cooperation and North-South dialogue in a bid to strive for a strong, sustainable, balanced and inclusive global growth. Third, we should jointly⁴ tackle global challenges such as natural disasters, infectious diseases and terrorism to seek a long-term peace and stability of the international community."

The president also called for enhancing the representation and voice of emerging-market economies and developing countries in the process of global governance reforms, so that a new-type of international relations based on cooperation and mutual⁵ benefit can be built.

He said BRICS members should enhance cooperation and deepen partnerships⁶ to seek common development, especially through the BRICS New Development Bank and the Contingent⁷ Reserve Arrangement which were established in 2014.

President Xi also warned against all forms of protectionism, urging BRICS countries to take the lead in opening-up and international cooperation.

To achieve that goal, several sectors⁸ should be prioritized including economy and trade, financial circulation, infrastructure⁹, and people-to-people exchanges.

Indian Prime Minister Narendra Modi called on the BRICS members to play a bigger role within major multilateral frameworks such as the G20 and WTO.

He urged closer cooperation in a variety of areas including economy and trade, finance, investment and infrastructure.

"We recognize the positive contribution of BRICS countries to global economic growth after the 2008 financial crisis, we feel that it's necessary for economies to make public investment in long-term infrastructure projects, coordinate¹⁰ macroeconomic policies, drive (economic) growth and promote world trade and manufacturing with a new vigor¹¹."

President Xi announced that China is to hold the rotating chair of BRICS next year and hosts its 9th summit in the southeastern city of Xiamen in September.

He said China expects to work with all parties to implement¹² the consensus¹³ reached at a previous summit and deepen their partnerships.

"China is a staunch supporter and participant of the BRICS group, and sees BRICS cooperation as one of its diplomatic priorities. We believe that BRICS cooperation will promote world peace, stability and prosperity."

After the summit, the BRICS members jointly issued the Goa Declaration looking to play a bigger role in and contribute more to the global governance system.

The declaration covers a variety of fields including climate change, environmental protection and global security.

This year marks the 10th anniversary of BRICS, which group together Brazil, Russia, India, China and South Africa.

President Xi notes that the 5 BRICS countries have been responsible for about half of the global GDP growth recorded in the past 10 years.

For CRI, I'm Xie Cheng.