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Five-nation BRICS delivers 50 percent of global economic growth: Xi

Xiamen: The emerging economies of the five-nation BRICS group of countries are contributing more than half of total global economic growth, a business forum was told on Sunday in Xiamen in China's Fujian province.

The leaders of Brazil, Russia, India, China and South Africa are in China for the ninth BRICS Summit being held in Xiamen, Fujian province from September 3 -5.

Reporting from a media centre, journalists from domestic and international news outlets follow a live broadcast of the address of China's President Xi Jinping to the BRICS Business Forum opening ceremony in Xiamen in China's Fujian province.

The five nations are home to 43 percent of the world's population with a combined GDP of over US$16 trillion, China's President Xi Jinping told his audience in a keynote speech at the opening ceremony of the business forum held in advance of the summit.

President Xi said through ten years' development, the BRICS countries had become a bright light of the world economy, but cooperation had now reached a crucial stage.

“We are in a great era of development, transformation and adjustment,” he said.

“Going forward, BRICS countries have major tasks to accomplish, which are to grow economies and to strengthen cooperation.

“It is time to set sail when the tide rises.”

He said China, as the largest of the five member group, had witnessed its economic aggregate output grow by 239 percent over the decade while its total volume of exports and imports in goods rose by 73 percent.

The country had become the world's second largest economy, and the lives of its 1.3 billion-plus people had been significantly improved, he said.

Meanwhile, China had made increasingly greater contributions to both regional and global economic development.

The country was also actively participating in global governance through its practices to contribute solutions to the world's problems.

This had been evident from the APEC Summit to the Belt and Road Forum for International Cooperation in Beijing, and then to the BRICS Summit in Xiamen, he said.

Despite this, President Xi said the long road to global peace and development would not be a smooth one.

Worldwide more than 700 million people were still living in hunger; tens of millions of people had been displaced and become refugees, while many civilians, including innocent children, had been killed in conflicts, he said.

The progress of economic globalisation was facing more uncertainties and emerging markets and developing countries had found themselves facing more complex external environments.

The global economy is still not healthy enough and remains in a period of adjustment featuring weak growth with new drivers yet to emerge.

In the face of these challenges, the BRICS continued to be a key bulwark with economic cooperation the foundation of the 5-nation mechanism, he said.

Together the nations and their leaders should work to usher in the second “golden decade” of cooperation.

“The growth potential and trend of BRICS countries remain unchanged. We are fully confident about it,” he said.

He said progress had been made over the past year in the operation of the New Development Bank and Contingent Reserve Arrangement and e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnerships.

BRICS members should continue to implement such agreements and accords already reached while actively exploring new ways and areas for practical cooperation.

He said the BRICS Summit in Xiamen would promote equality and mutual benefit, hastening the abandoning of old economic orders.

He called for “reform (to) the global economic governance system to make it commensurate with the reality of the global economic architecture” while advocating a community of shared future for all.

“We should uphold the purposes and principles of the UN Charter and basic norms governing international relations, firmly support multilateralism, work for greater democracy in international relations, and oppose hegemonism and power politics,” President Xi said.

“We should foster the vision of common, comprehensive, cooperative and sustainable security, and take a constructive part in the process of resolving geopolitical hotspot issues and make our due contributions.”

By Khonesavanh Latsaphao
(Latest Update September 5, 2017)

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