BRICS Operations: China Offers Huge Additional Financial Support

Over 110, 516 billion FFCA is for facilitating economic and trade cooperation.

 

The ninth Brazil, Russia, India, China, South Africa, BRICS economic bloc summit holding in the south-eastern Chinese city of Xiamen, Fujian province, continued on September 4, 2017 with a plenary meeting of the five leaders of the grouping. Chinese President Xi Jinping announced his country’s offer of more financial support to the organisation.

In this regard, China will launch an Economic and Technical Cooperation Plan for BRICS countries with 500 million RMB (42.2 billion FCFA) for the first term to facilitate policy exchange and practical cooperation in the economic and trade fields, and disburse 4 million US dollars (2.2 billion FCFA) to the BRICS-owned New Development Bank’s Project Preparation Facility.

He expressed regret at the fact that out of the 197 billion US dollars (2,516 billion FCFA) outbound global investments in 2016, only 5 per cent went to BRICS countries. According to Xi Jinping, BRICS cooperation in the past decade was guided by win-win partnerships. “We need to redouble efforts to strengthen partnership as we seek practical results …. Our full potentials are yet to be fully tapped,” the Chinese leader cautioned.

Xi Jinping spoke of the need to make the international order more just and equitable, for BRICS to speak with one voice to safeguard common interests, and for economic globalisation to be open to all. He pleaded for more people-to-people exchanges like the BRICS games, film and cultural festivals, and sharing traditional medicine practices.

Speaking later in the day at the signing of trade deals between representatives of BRICS member countries, South African President Jacob Zuma announced that his country will host the 10th BRICS summit in 2018. He said in spite of sluggish economic growth worldwide, BRICS has been able to achieve 4.2 per cent growth in 2017.

“As we embark on the Fourth Industrial Revolution, sharing experience in digital economy becomes imperative,” Zuma noted. He lauded moves by the BRICS Business Council to assist small, medium-size enterprises, adding that member countries need to ensure a friendly environment for investments.

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