SCIO briefing on BRICS opportunities, challenges and prospects

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SCIO briefing on BRICS opportunities, challenges and prospects

Speakers:
Zhang Yansheng, chief research fellow of the China Center for International Economic Exchanges
Zhang Jianping, deputy director of Academic Steering Committee, Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce

Chairperson:
Xi Yanchun, vice director-general of the Press Bureau, State Council Information Office

Date:
August 28, 2017

The BRICS Xiamen summit will lead the BRICS mechanism into its second golden decade. Therefore, the summit in Xiamen will have two parts to its theme: the first part will center on deepening the BRICS partnership. It is what we have talked about before, the "BRICS plus," which means how the five BRICS countries can get more friends from all over the world, which will allow more and more emerging markets and developing countries to join together in the BRICS mechanism, and boost and enhance the BRICS causes, spirit and mechanisms.

The second part is inaugurating a brighter future. In fact the economic environment in our current world has two prospects: one is a bright one, which will push forward the world to be more open, safer and full of cooperative spirit. The BRICS mechanism and countries participating in the mechanism can benefit from this prospect. However, the world economy has another prospect, which has recently been frequently discussed by economists. It is the uncertainty of the world economy.

As a matter of fact, now there is an anti-globalization trend, accompanied by protectionism, populism, isolationism and unilateralism in trade, investment and finance. In 2017, the global economy has shown signs of improvement, but at the same time, there still exist uncertainties that may change the international environment and economic situation. Therefore we arrive at the theme of "deepening the BRICS partnership, inaugurating a brighter future."

In this case, we are very much looking forward to this year's BRICS summit in Xiamen to make joint efforts in deepening cooperation and injecting new energy towards achieving a new solution for improved global governance and making new contributions to world economic growth. Therefore, we believe that the Xiamen summit will focus on the following four aspects.

First is deepening cooperation among the BRICS member states and promoting common development. International cooperation will be pushed forward through a strengthened BRICS economic partnership.

Second, it will focus on strengthening global governance and jointly responding to challenges. BRICS member states are devoted to maintaining international peace and stability, improving the international financial and monetary system, and strengthening coordination and cooperation in regard to the multilateral mechanisms.

Third, it will focus on carrying out people-to-people exchanges and laying a solid foundation of public support. BRICS member states should carry out cultural exchanges and mutual learning, strengthen educational cooperation and promote development of various sports.

Fourth, it will focus on promoting the building of mechanisms and creating a broader partnership. We are looking forward to achieving a BRICS mechanism able to play a greater role in promoting international development and cooperation in the future. Thank you.