President Xi: BRICS countries need to expand cooperation

English>>Foreign Affairs

Editor's Pick

President Xi: BRICS countries need to expand cooperation

(CNTV) 18:14, September 06, 2013

Email|Print|Comments

twitter

facebook

Sina Microblog

Chinese President Xi Jinping met leaders of other BRICS nations, Brazil, Russia, India and South Africa, on the sidelines of the G20 Summit. He said they should expand their consensus on major international issues, and enhance solidarity and cooperation.

Chinese President Xi Jinping met leaders of other BRICS nations, Brazil, Russia, India and South Africa, on the sidelines of the G20 Summit.(Photo/Xinhua)

President Xi Jinping called for stronger cooperation among BRICS members at an informal leaders’ meeting of the group.

He said the five nations should jointly tackle the spill-over effect of developed economies’ loose monetary policy.

He urged developed nations to carry out effective structural reforms, and seriously consider the timing, steps and patterns of withdrawing their quantitative easing measures.

Meanwhile, China, he added, has confidence in emerging market economies.

The Chinese president said BRICS members should join hands to maintain and promote the openness of the trade market.

Chinese President Xi Jinping met leaders of other BRICS nations, Brazil, Russia, India and South Africa, on the sidelines of the G20 Summit.(Photo/Xinhua)

The priority is to oppose trade protectionism, protect multilateral trade, and advance the Doha Round of trade talks.

President Xi also suggested the five countries should also work together to obtain a bigger say for developing countries in global economic governance, including the World Bank and the International Monetary Fund.

In addition, BRICS members need to step up their cooperation to push forward the quota reforms of the IMF.

Moreover, President Xi also emphasizes the five countries need to speed up efforts to set up a BRICS development bank. Earlier in the day, Chinese Deputy Finance Minister Zhu Guangyao said BRICS countries have agreed on a joint foreign currency reserve pool of 100 billion US dollars. President Xi says such measures will help to establish a BRICS financial safety net.

Other participating leaders also noted the world’s major economies, including G20 members, need to step up coordination to promote a strong, sustainable and balanced global economic growth.

（Editor：WangXin、Hongyu）