Live updates: Opening ceremony of BRICS Business Forum

Updated: 2017-09-03 16:32:57
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16:32

China will continue to push forward supply-side structural reform, drive its economy with innovation and achieve sustainable development, says Xi Jinping.


Xi says past achievements prove that deepening all-round reform is the right path that China should continue to follow.


"Going forward, China will continue to put into practice the vision of innovative, coordinated, green, open and inclusive development," he says.


"We will adapt to and steer the new normal of economic development, push forward supply-side structural reform, accelerate the building of a new system for an open economy, drive economic development with innovation, and achieve sustainable development," Xi says.


The Chinese president goes on to say that China will stay firmly committed to peaceful development and make even greater contribution to global peace and development. 


16:27

China has been making increasingly more contribution to regional and global economy over the past ten years, as its own development gets on fast track, says Xi Jinping.

 

"The past decade has not only seen solid progress in the BRICS cooperation mechanism; it has also witnessed the unfolding of all-round reform and opening up in China and its rapid economic and social development," Xi told the forum.

 

He said China's economic aggregate grew by 239 percent over these ten years, and its total volume of exports and imports in goods rose by 73 percent.


The country has become the world's second largest economy, the lives of its 1.3 billion-plus people have been significantly improved, and China has made increasingly greater contribution to both regional and global economic development, Xi said. 

16:27

Xi Jinping says Sunday BRICS countries should uphold global peace and stability, stressing a vision of common, comprehensive, cooperative and sustainable security.


"We BRICS countries are committed to upholding global peace and contributing to the international security order," he says.


"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," he says.


He also calls on BRICS countries to take a constructive part in the process of resolving geopolitical hotspot issues and make due contributions.


"I am convinced that as long as we take a holistic approach to fighting terrorism in all its forms, and address both its symptoms and root causes, terrorists will have no place to hide," he says.


When dialogue, consultation and negotiation are conducted to create conditions for achieving political settlement of issues such as Syria, Libya and the Palestine-Israel conflict, the flame of war can be put out, and displaced refugees will eventually return to their homes, he says. 

16:25

The Belt and Road Initiative is not a tool to advance any geopolitical agenda, but a platform for practical cooperation, says President Xi Jinping.

 

It is not a foreign aid scheme, but an initiative for interconnected development which calls for extensive consultation, joint contribution and shared benefits, Xi says.

 

"I am convinced that the Belt and Road Initiative will serve as a new platform for all countries to achieve win-win cooperation and that it will create new opportunities for implementing the 2030 Agenda for Sustainable Development," he notes.

16:19

Xi refutes assertion that BRICS losing luster.


The growth potential and trend of BRICS countries remain unchanged, Xi Jinping said.


The president was refuting the assertion that BRICS countries are losing their luster as emerging market and developing countries have experienced growth setbacks.


Xi acknowledged that BRICS countries have encountered headwinds of varying intensity affected by complex internal and external environments, but he is upbeat about the countries' growth outlook.


"We are fully confident about it," he said.


16:15

BRICS countries should work to usher in the second "golden decade" of cooperation, says Xi Jinping. 

 

Xi says 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," Xi says. 

 

He adds that BRICS countries should work to let their economic cooperation have more substance.

 

Xi Jinping notes this year BRICS countries have made progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership.

 

Xi emphasizes that BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation.

16:03

Xi Jinping says that the New Development Bank (NDB) and the Contingent Reserve Arrangement have contributed to enhanced global economic governance and the building of an international financial safety net.


They have also provided financing support for infrastructure building and sustainable development of BRICS countries, Xi says.

15:57

Xi Jinping says that the development of the BRICS countries has delivered tangible benefits to more than 3 billion people.

 

The past decade has seen BRICS countries making headway in pursuing common development, Xi says.

 

In the past decade, combined GDP of the bloc has grown 179 percent, trade increased 94 percent while urban population expanded 28 percent, contributing significantly to stabilizing the global economy and returning it to growth, Xi Jinping says. 

 

"We are in a great era of development, transformation and adjustment," Xi says. "The law of the jungle where the strong prey on the weak and the zero-sum game are rejected, and peace, development and win-win cooperation have become the shared aspiration of all peoples."

15:43

President Xi Jinping says China has successfully embarked on a path of socialism with Chinese features.


Xi Jinping says under the leadership of the Communist Party of China (CPC), the Chinese people "have successfully embarked on a path of socialism with distinctive Chinese features" in close to 40 years of reform and opening up. 

15:42

Chinese President Xi Jinping extends warm welcome to the attendees of the BRICS Business Forum in Xiamen.


"On behalf of the Chinese government and people and also in my own name, I warmly welcome all of you to the Business Forum," Xi Jinping says while addressing the opening of the forum.

15:32
Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the BRICS Business Forum at Xiamen International Conference Center in east China’s Fujian Province.
15:03

Representatives and journalists arrive at the conference hall for the opening ceremony of the BRICS Business Forum on September 3, 2017. [Photo: China Plus]




14:55

The opening ceremony of the BRICS Business Forum is due to open at 3:30 p.m. on September 3, 2017 in the coastal resort of Xiamen, China. About 1,200 delegates are attending the meeting. Chinese President Xi Jinping will deliver a keynote speech. We'll bring you live updates with texts and photos.

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