Xi Jinping Attends Informal Meeting of BRICS Leaders, Stressing That BRICS Countries Should Build Consensus and Strengthen Solidarity and Cooperation


On Sept. 5, 2013, President Xi Jinping attended the informal meeting of BRICS leaders in St. Petersburg, and exchanged views and coordinated positions on cooperation with BRICS countries, as well as major international and regional issues, with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Manmohan Singh, and South African President Jacob Zuma. Xi Jinping stressed that in the face of various risks and challenges, the BRICS countries should build consensus on major issues, and strengthen solidarity and cooperation.

Xi Jinping said the BRICS countries should coordinate actions to help the upcoming G20 Summit in St. Petersburg achieve positive results. Under the current situation, first, we should jointly cope with the spillover effects of the loose monetary policies in developed countries. Developed countries should earnestly carry out structural reform, and grasp the timing, steps and methods of quitting the quantitative easing monetary policies. The Chinese side has confidence in the emerging market economies. Second, we should jointly safeguard and develop an open world economy, oppose trade protectionism, maintain the multilateral trade system, and promote an early harvest of the Doha Round negotiations. Third, we should jointly promote the emerging market economies to have more representativeness and say in global economic governance, push forward the decisions on the implementation of the quota reform on International Monetary Fund (IMF), make new share formula that reflects the weight of economic aggregate of various countries in the world economy, and at the same time, conduct reform on the basket of currencies for Special Drawing Rights. We should speed up the establishment of the BRICS Development Bank and a contingent reserve arrangement, and build a financial safety net for the BRICS countries.

Other leaders attending the meeting said that the world economy is still faced with risks and challenges at the moment, and recovery basis remains weak. The major economies, including the G20 members, should strengthen coordination of macroeconomic policies, and work together to promote a strong, sustainable and balanced growth of the world economy. Relevant developed countries should take responsible economic and monetary policies, and consider the spillover effects, especially in the implementation of quitting the quantitative easing monetary policies. Further promote the reform of the international financial system, and urgently carry out the IMF quota and governance reform of 2010 at the moment. Speed up the establishment of the BRICS Development Bank, and make a contingent reserve arrangement as soon as possible. The leaders at the meeting reaffirmed to oppose trade protectionism, and to be willing to work with other parties to promote positive results of the Doha Round negotiations. The BRICS countries should strengthen communication and coordination, and safeguard common interests.

Wang Huning, Wang Yang, Li Zhanshu, Yang Jiechi and other officials were present.


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