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China: BRICS should work together for prosperity

Reporter: Julia Lyubova 丨 CCTV.com

07-10-2015 10:44 BJT

Full coverage: President Xi Attends BRICS, SCO Summit

Full coverage: China’s Leaders

China's President Xi Jinping is in the Russian city of Ufa, where leaders' meetings for BRICS countries and the Shanghai Cooperation Organization are taking place. At the seventh BRICS summit on Thursday, Xi said the five emerging economies should work together to further boost cooperation and achieve prosperity.

Chinese President Xi Jinping poses for photos with leaders of the Shanghai Cooperation Organization (SCO) members and observers, the Eurasian Economic Union (EEU) leaders, leaders of invited countries and the BRICS nations, namely Brazil, Russia, India, China and South Africa in Ufa, Russia, July 9, 2015. (Xinhua/Rao Aimin)

Chinese President Xi Jinping poses for photos with leaders of the Shanghai Cooperation Organization (SCO) members and observers, the Eurasian Economic Union (EEU) leaders, leaders of invited countries and the BRICS nations, namely Brazil, Russia, India, China and South Africa in Ufa, Russia, July 9, 2015. (Xinhua/Rao Aimin)

Speaking at the BRICS leaders' summit in Ufa, Chinese President Xi Jinping stressed that the five emerging economies have great potential and can make great gains through cooperation... despite the downward pressure that the global economy continues to face.

"We need to build a partnership for common development. For the purpose of building a value chain of shared benefits and a big market of integrated interests. We should build an even closer partnership, leverage our complementary strengths in resource endowment and industrial structures, and expand our development horizons through collective efforts," XI said.

"We should strive for simultaneous progress in building the BRICS Development Bank headquarters and its African regional center so that they will become operational more quickly and bear fruits sooner."

On the sidelines of the summit, Xi held a number of bilateral meetings, including with the presidents of Brazil and South Africa. The host of the summit - Russian President Vladimir Putin - said that BRICS countries are able to help one another. Russia is under Western sanctions over its role in the Ukraine crisis, which limits many large Russian firms and banks from accessing foreign financing.

"We are concerned by market instability, high volatility of oil and commodity prices, accumulating of sovereign debt by a range of large countries. In these conditions the BRICS countries intend to actively use their own resources and internal development resources," Putin said.

The main focus of day two of the BRICS leaders' summit in Ufa is finalizing the agenda and signing various agreements. The leaders are also signing a final joint statement which is important for Vladimir Putin to show that Russia isn't isolated internationally.

At the summit, the leaders of Brazil, Russia, India, China and South Africa launched the New Development Bank. It has 50-billion-dollars in initial capital, which is expected to double within the next couple of years. Its goal is to provide countries with a pool of reserves for times of economic distress.

"Our organization was created to unite the world's fastest-growing economies, at first 4 countries, then South Africa joined. It was designed to help each other, to strengthen the development. It's not against or pro anyone," said Sergey Katyrin, Russian Chair, BRICS Business Council.

The New Development Bank will be based in China. The first regional bank will be launched in South Africa.  The bank plans to issue its first loans, yet to be agreed, in April. In Ufa on Friday, the Shanghai Cooperation Organization, a security block led by China and Russia, will also meet.

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