Xi warns of risks to world economy
Print Edition
A RISING tide of protectionism and anti-globalization is endangering the world economy’s still fragile recovery, Chinese President Xi Jinping said yesterday, as BRICS leaders vowed to forge closer business and trade ties.
The leaders of five of the world’s rising powers ended their two-day summit with a pledge to speed global economic recovery as well as fight terrorism and extremism, forces they said pose a threat to regional and international peace and stability.
Meeting in the beach resort state of Goa in southwest India, the BRICS countries — Brazil, Russia, India, China and South Africa — adopted a final declaration endorsing their commitment to act against the financing of terror groups and their supplies of weapons and other equipment.
“We agree that those who nurture, shelter and support the forces of violence and terror are as much a threat as the terrorists themselves,” the declaration said.
Presidents Xi, Vladimir Putin of Russia, Michel Temer of Brazil and Jacob Zuma of South Africa, and their host Indian Prime Minister Narendra Modi also vowed to tackle the global economic slowdown and reform the world’s financial architecture.
The group, which represents nearly half the world’s population and a quarter of its economy — with a combined annual GDP of US$16.6 trillion — renewed its commitment to speed global recovery by investing in infrastructure and manufacturing.
The leaders adopted three agreements, including two to set up separate research networks for developing agriculture and railways. They agreed to crack down on economic crime by fighting tax evasion, money laundering and corruption.
Formed with the aim of using its members’ growing economic and political influence to challenge Western hegemony, BRICS nations have been hit by falling global demand and lower commodity prices.
“At present the deep-seated impact of the international financial crisis is still unfolding. The global economy is still going through a treacherous recovery and deep adjustments,” Xi said. “Deep-seated imbalances that triggered the financial crisis” were far from being resolved, he said.
“Some countries are getting more inward-looking in their policies. Protectionism is rising and forces against globalization are posing an emerging risk,” he said.
Xi said BRICS countries had much to be proud of and had contributed to more than half of global growth in the past decade.
“The past decade has seen BRICS partnership expanding with win-win results,” he said. “We need to deepen our partnership. We BRICS countries are good friends, brothers and partners that treat each other with sincerity.”
Russian President Vladimir Putin called for closer cooperation in areas such as e-commerce and space exploration.
Modi told reporters: “We have agreed to make BRICS a strong voice on emerging regional and global issues.”
The BRICs leaders stressed the need to strike a balance between economic development and environmental protection, and hailed the early entry into force of the Paris climate agreement.
The BRICS nations agreed that the New Development Bank, which the group set up in 2014, should continue to focus on infrastructure, technology and renewable energy, adding that “in order to further bridge the gap in the global financial architecture, we agreed to fast track the setting up of a BRICS credit rating agency.”
Modi said: “In a world of new security challenges and continuing economic uncertainties, BRICS stands as a beacon of peace, potential and promise.”
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