SCIO briefing on BRICS economic and financial cooperation

: 0 Comment(s)Print E-mail China.org.cn, August 31, 2017

Adjust font size:

Speakers:
Zhou Qiangwu, director general of the International Economics and Finance Institute of the Ministry of Finance;
Ye Fujing, director general of the Institute for International Economic Research of the National Development and Reform Commission

Chairperson:
Hu Kaihong, spokesperson of the State Council Information Office

Date:
August 31, 2017

Externally, the present deep-rooted problems of the world economy have yet to be settled fundamentally; there is no fundamental change in the balance of powers; and the driving force of world economic growth is still insufficient. Moreover, the stubborn determination of some developed countries to maintain their vested interests should not be underestimated, and some unstable factors, especially geopolitical conflicts, are frequent. Therefore, the BRICS countries face a complicated and severe international political and economic environment.

As the next step, we expect the BRICS countries to strengthen their cooperation in six areas and jointly address the challenges facing the organization itself within the context of global development.

Firstly, to strengthen innovative cooperation. We should establish a platform for technology exchange and an innovation alliance to promote joint innovation.

Secondly, to improve openness and cooperation. All parties concerned should work out and implement the roadmap for the economic, trade and investment cooperation before 2020 as soon as possible. On the basis of WTO regulations, we can adopt some reciprocal investment arrangements, including lowering trade barriers, like tariffs, to deliver a batch of pragmatic outcomes at the early stage, then further consider the possibility to establish a BRICS Free Trade Zone.

Thirdly, to further implement the strategy of economic partnership. We can deepen cooperation in eight key sectors, like production capacity cooperation and energy cooperation, and launch some landmark cooperation projects. Learning from the experiences of the G20 Hangzhou Summit, we can also strengthen evaluation and supervision over the implementation of the strategy.

Fourth, to promote the strategic docking mechanism. A brand new opening-up pattern, led by the Belt and Road Initiative, has been taking shape. Under the framework of the BRICS mechanism, we should dock the initiative with the development strategies of all member countries, so as to jointly prioritize sectors such as economy and trade, financial circulation, infrastructure connectivity and people-to-people exchanges.

Fifth, to grasp cooperation opportunities in emerging industries.

Sixth, to expand the range of sectors which benefit from BRICS cooperation.

We believe that the impact of the BRICS mechanism will be more far-reaching; its function positioning will be more accurate; its degree of openness will be much higher; its measures will be more practical; and its cooperation will be more beneficial.

Hu Kaihong:

Now, we move on to the question session. As always, please identify your media outlet before raising questions.