BRICS Summit: Chinese President Explains Economic Bloc’s Achievements

The 2017 summit of the economic grouping opened on September 3, 2017 in China.

The 2017 Brazil, Russia, India, China and South Africa, BRICS economic bloc summit officially began in the southeastern Chinese coastal city of Xiamen, Fujian province, on September 3 with a business forum attended by a record 1,200 business executives. Participants in the two-day gathering include representatives from nearly 80 Fortune 500 multinational companies.

Delivering a keynote speech at the opening of the forum on Sunday, Chinese President Xi Jinping, who is also host chair of the ninth BRICS summit, recalled that the five BRICS member countries withstood the 2007-2008 world financial crisis shock fairly well. Ever since, the combined Gross Domestic Product, GDP of BRICS countries has grown by 197 per cent, while their urban population has risen by 27 per cent. BRICS exports in the past 10 years grew by 70 per cent and 3 billion people received tangible benefits from this economic growth, he disclosed.

According to the Chinese leader, the achievements of BRICS nations can be attributed to a number of factors. These include treating each other as equals and respecting each other’s development model. Moreover, BRICS has opted for results-oriented cooperation. “BRICS is not a talking shop, but where members get things done,” President Xi Jinping underlined. Members have chosen to develop themselves in order to assist other countries. BRICS must now take responsibility in sharing the agony of people still caught in the web of poverty, he said.

“We have enough reason to believe that the world will become a better place. However, over 700 million people still live in poverty across the world,” Xi Jinping admitted. He then called on BRICS to play a greater role in ensuring global peace, and opposing hegemony and power politics. “We must foster democracy and fight terrorism in all its forms. After Xiamen, BRICS will have a greater world influence. There is need to hold more cultural exchanges amongst member countries and carry out all-round reforms in each country,” the Chinese leader concluded.

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