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Xi Jinping attendance at 7th BRICS Leaders Summit creates winning, bright future

Editor: Li Kun 丨CCTV.com

07-10-2015 16:59 BJT

By Xu Xiujun, deputy director, department of international political economy research, Institute of World Economics and Politics, Chinese Academy of Social Sciences

The 7th BRICS Leaders Summit was held July 8-9 in Ufa, Russia. President Xi Jinping attended the meeting and strengthened pragmatic cooperation between group members. China strove to fulfill the exchange of its development strategy and that of other countries and form a community based on the principle of mutual political trust, economic integration and cultural tolerance. China sought to create a community of responsibility and destiny to secure a future full of promise for multilateral cooperation among BRICS states.

Since the establishment of the BRICS leaders' meeting mechanism, cooperation between group states has expanded and strengthened with remarkable achievements. BRICS countries announced the establishment of a new development bank with statutory capital of US $100 billion. The bank's objective is to finance infrastructure construction and sustainable development projects for BRICS group states, developing countries and even other emerging markets. BRICS also announced the setting up of an emergency reserve with initial funding of $100 billion to help group states cope with short-term capital flow pressures. This helps strengthen the global financial safety net and will complement the current international mechanism. It reflects BRICS development toward the mechanism and enhances its overall international influence.

Recent unfavorable factors have constrained the deeper development of BRICS cooperation. International Monetary Fund, World Bank and other international institutions' governance reform programs have been delayed in execution. This has resulted in an ineffective BRICS contribution to global governance. Some developed economies are leading a new large round of economic and trade agreement negotiations that exclude BRICS states and limit BRICS’ power in reconstruction of the global rules.

Facing these problems and challenges, BRICS countries have not flinched. Instead, they advance against hardship. They created a BRICS + N cooperation format with a partnership spirit of open, inclusive, win-win cooperation. Thus more developing countries and the world can benefit from BRICS cooperation. BRICS countries have established a dialogue mechanism with countries in Africa and Latin America. This practical cooperation has benefited the entire African continent and Latin American countries. BRICS countries will begin dialogue with Eurasian Economic Union member states, Shanghai Cooperation Organization members and observer states. This will create new opportunities for BRICS countries and other relevant parties. Meanwhile BRICS countries have been playing an indispensable role in promoting reform of the international financial and monetary system toward sustainable growth of the world economy.

China is a staunch supporter and active participant in BRICS cooperation and a loyal practitioner of BRICS spirit. China looks to BRICS for preferred countries in diplomatic cooperation. This projects China's image as a responsible power. As the largest economy in the community of BRICS countries, China treats other members equally and distributes equities and voting rights equally for the new development bank. The Belt and Road Initiative advocated by China and the Asian Infrastructure Investment Bank are also open to other BRICS countries. This provides a new platform and creates broader prospects for development and cooperation of the five countries.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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