Xi tells annual summit in Russia that the bloc of emerging economies should also lead the way in overhauling global governance
Chinese President Xi Jinping called on Wednesday for the Brics nations to lead the “urgent” reform of the international financial architecture to better reflect the global economy.
He told the bloc’s annual summit it should also drive reform of global governance and cooperate further in innovation and green development.
The meeting in the Russian city of Kazan is the first since it added five new members earlier this year and Xi confirmed the bloc will soon invite more “partner countries” to join.
“Under the current circumstances, the urgency of reforming the international financial architecture is prominent,” Xi said, according to state news agency Xinhua.
“The Brics countries should play a leading role, deepen financial cooperation, promote the interconnection of financial infrastructure, maintain high-level financial security, expand and strengthen the New Development Bank, and promote the international financial system to better reflect changes in the world economic landscape.”
Also on Wednesday, Xi met the Indian Prime Minister Narendra Modi for their first official talks since a deadly clash between the two countries’ troops in June 2020.
Earlier this week the two countries took a significant step towards easing tensions by announcing a patrol agreement along their disputed border.
“The two countries should step up communications and cooperation, handle conflicts properly and mutually support each other’s development dreams,” Xi told Modi, according to state media.
On Tuesday Xi held one-on-one meetings with his host Vladimir Putin – discussing settlement infrastructure, according to Russian state broadcaster RIA Novosti – as well as his Laotian counterpart Thongloun Sisoulith.
Xi did not immediately respond to calls from Moscow to develop a Brics payment settlement system, which has become a priority for Russia following its exclusion from the main international payment messaging network Swift following the start of the war in Ukraine in 2022.
Brics – named after the founding members Brazil, Russia, India and China plus South Africa – expanded to cover more than 40 per cent of the world’s population after Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joined earlier this year.
The bloc also represents more than a quarter of global GDP – offering China a potential path to challenge the current Western-dominated international order.
Chinese businesses and organizations have been subject to numerous US-led sanctions over the past few years over national security concerns. Sanctions levied against Russia over its war in Ukraine have also affected trade settlements with China.
Xi told the summit that China wanted to work with fellow members to promote green industry and clean energy.
“Green is the background color of this era. Brics countries should actively integrate into the global green and low-carbon transformation,” he said.
He also said Brics members should practise “true multilateralism”, including the reform of global governance with fairness and justice in mind, and highlighted the importance of representing developing countries.
Last year he told the summit in Johannesburg that international rules must be “written and upheld by all countries based on the purposes and principles of the United Nations Charter, rather than dictated by those with the strongest muscles or the loudest voice”.
He also called for an “innovative Brics”, and said China was ready to work with the bloc to “release the energy of AI”.
He also announced the country would set up a series of international initiatives focusing on areas such as deep ocean resources, special economic zones, industry and digital eco-cooperation, saying all nations were welcome to participate.
He also said Beijing would implement the Brics Digital Education Capacity Building Plan and set up 10 overseas learning centers in the next five years to train teachers and education managers.
Xi also called for members to build a “peaceful Brics”, which includes a de-escalation in Ukraine, an immediate ceasefire in Gaza and a “lasting solution to the Palestinian issue”.
Nearly two dozen world leaders are attending the three-day summit to discuss what Russia calls “pressing issues on the global and regional agenda”.
Wednesday’s talks covered areas such as security, the economy and finance, as well as cultural and humanitarian issues.
According to the Kremlin, representatives from 40 countries will gather on the final day of the summit to discuss sustainable development and other issues.
Credits: SCMP
