Xi urges BRICS countries to build open economy for mutual benefit

Chinese President Xi Jinping delivers a speech titled "Keeping Abreast of the Trend of the Times to Achieve Common Development" at the BRICS Business Forum in Johannesburg, South Africa, July 25, 2018. [Photo: Xinhua/Li Tao]

The Chinese President says nations need to be open to each other in order to share the benefits of prosperity.

While addressing a business forum at the 10th BRICS summit in Johannesburg, Xi Jinping said the BRICS countries should pursue win-win cooperation to build an open economy.

CRI's Yu Yang has the story.

President Xi Jinping has called on BRICS members to uphold multilateralism and improve global governance.

"Openness and cooperation are the sure way to achieve progress in science and technology and growth of productivity. A trade war should be rejected, because there will be no winner, and that economic hegemony is even more objectionable as it will undermine the collective interests of the international community. Those who pursue this course will only end up hurting themselves. We should be resolute in rejecting unilateralism and protectionism, promote trade and investment, liberalization and facilitation and jointly steer the global economy toward greater openness, greater inclusiveness, balanced growth and win-win outcomes for all."

He also calles on BRICS countries to help emerging markets and developing countries, African countries, and the least developed countries in particular, and to fully involve themselves in the international division of labor.

He has urged member nations to advance structural reform, remove all institutional barriers to innovation and fully unlock innovation potential and energize the market.

South African President Cyril Ramaphosa calls for thorough discussions on the role of trade in promoting sustainable development and inclusive growth.

He says the establishment of the BRICS bank has been crucial in filling the critical gap for project funding.

"One of the most important achievements, and there have been many achievements that we can talk about as the BRICS family, has been in the first decade of BRICS, was the establishment of the new development bank which fills a critical gap in project funding."

Ramaphosa also says that he hoped the summit could "advance the integration and development of the African continent."

The 10th BRICS summit is scheduled from July 25 to 27

BRICS gathers the world's major emerging economies -- Brazil, Russia, India, China and South Africa.