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02Sep17

Xi's insightful remarks shed light on BRICS

China's actions following the insightful remarks made by President Xi Jinping on the BRICS mechanism have contributed to global governance reform, academics have said.

At the ninth BRICS summit, which will be held from Sunday to Tuesday in China's southeastern coastal city of Xiamen, leaders from the BRICS countries are expected to discuss ways to strengthen partnerships and confront global uncertainties, such as de-globalization, protectionism and unilateralism.

"BRICS cooperation is an innovation, which transcends the old pattern of political and military alliances and pursues partnerships," said Zhu Jiejin, deputy director with the Center for BRICS Studies at Shanghai-based Fudan University.

As BRICS ushers in another decade of development this year, it has become a key force in boosting economic growth, global governance reform and international peace and stability.

First Decade, Strong Start

BRICS consists of five emerging economies – Brazil, Russia, India, China and South Africa – and has grown into a highly influential international group.

"BRICS has evolved from a mere notion to a comprehensive and multi-dimensional partnership framework, with substantial achievements in financial cooperation, trade and investment cooperation and the synergy of development strategies," said Wang Lei, director of the BRICS Cooperation Center of Beijing Normal University.

During his keynote speech at the fifth BRICS summit in Durban, South Africa, in 2013, Xi said that China would continue to strengthen cooperation with other BRICS countries in order to make economic growth of BRICS countries more robust, with cooperation better-structured and more productive.

"This will bring tangible benefits to people of all countries and make greater contribution to world peace and development," Xi said.

Since then, cooperation has significantly contributed to economic growth among the group's members. The five countries accounted for 23 percent of the 2016 global economy, almost double their share in 2006. They have been the source of more than half of global growth in the last ten years.

The establishment of the BRICS New Development Bank and the BRICS Contingent Reserve Arrangement also paved the way for future cooperation.

After ten years of development, BRICS has entered a new stage featuring economic cooperation, political and security cooperation, and people-to-people exchanges.

Contributing To Global Governance Reform

BRICS stands for emerging markets and gives out the voice of developing countries.

In 2013, Xi called on BRICS to uphold international fairness and justice and safeguard world peace and stability.

"No matter how the reform of the global governance system may unfold, we should always take an active and constructive part in the process," he said.

BRICS should jointly participate in setting the international development agenda and making global development more balanced, he said.

In the ensuing years, BRICS has increased the voice of emerging markets and developing countries by pushing reform of the International Monetary Fund and the World Bank.

BRICS foreign ministers' meetings, the BRICS High Representatives for Security Issues, and regular BRICS meetings among these countries' permanent representatives in New York, Geneva and Vienna have strengthened the voice of BRICS internationally.

"The open, cooperative and inclusive spirit of BRICS cooperation has helped forge the strategic partnership of BRICS nations, who are jointly pushing for better global governance," Wang said.

Currently, against the backdrop of a global economic downturn and a complicated international environment, a new blueprint is needed for the emerging-market group to maintain its vitality.

China's Wisdom For Brighter Future

As one of the major initiators and advocates of BRICS, China highly values cooperation within the group.

Last year, speaking at the annual BRICS summit in the western Indian state of Goa, Xi said, "China is a staunch supporter and participant of BRICS, and takes BRICS cooperation as one of its diplomatic priorities."

China has also contributed "BRICS Plus" to the Xiamen summit, which will help strengthen cooperation between BRICS and other emerging markets and developing countries, bringing benefit to all.

"The idea represents the progress that BRICS has made in exploring new areas of cooperation, such as climate change and cyber security," Zhu said.

Zhang Yansheng, a researcher of the China Center for International Economic Exchanges, said the upcoming summit would focus on deepening cooperation for common development, playing a bigger role in global governance, intensifying people-to-people exchange and renovating BRICS.

"China has taken the lead in cooperation with BRICS on an equal basis, believing that every country has the right to choose its development path," said Zhu. He said that China believes such cooperation is based on dialogue and consultation.

"As long as we follow the BRICS spirit of openness, inclusiveness, cooperation and win-win results, and work together to build closer BRICS partnership, we will surely have the second golden ten years of BRICS cooperation," Xi has said.

[Source: Xinhua, Xiamen, 02Sep17]
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