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Xi stresses emerging economies at BRICS Summit

CCTV.com

07-10-2015 16:32 BJT

Full coverage: President Xi Attends BRICS, SCO Summit

Full coverage: China’s Leaders

President Xi Jinping is in the Russian city of Ufa, where the BRICS members and the Shanghai Cooperation Organization are holding bilateral meetings. Ufa is also where the New Development Bank is being launched, and has been hailed as a breakthrough by the BRICS presidents.

President Xi Jinping said at the BRICS leaders' summit in Ufa 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."

"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," President Xi said .

Xi held a number of bilateral meetings, including with the presidents of Brazil and South Africa, on the sidelines of the summit. The host of the summit - Russian President Vladimir Putin - said that the 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 is to finalize the agenda and sign various agreements. The leaders are also signing a final joint statement that is important for Vladimir Putin to show that Russia isn't isolated internationally.

The leaders of Brazil, Russia, India, China and South Africa launched the New Development Bank at the summit. The bank has 50-billion-dollars in initial capital, which is expected to be doubled within the next couple of years. The bank's 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 of BRICS Business Council.

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

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