China Champions Global Development at 16th BRICS Summit in Kazan
The 16th BRICS Summit is set to take place in Kazan, Russia, from October 22 to 24. Invited by Russian President Vladimir Putin, Chinese President Xi Jinping departed Beijing on Tuesday to participate in this pivotal gathering of emerging economies.
This summit marks the first since the expansion of BRICS, and experts anticipate that President Xi and other leaders will chart a strategic vision to enhance cooperation among member states. Their goals include strengthening ties within the Global South and addressing pressing global challenges such as deglobalization, financial instability, and climate change.
Over the past 18 years, China, as the largest economy in the BRICS group, has played a crucial role in closing development gaps among member nations. It has been instrumental in amplifying the voices of the Global South and promoting reforms in global political and economic governance.
Fostering Economic Collaboration
In 2014, the BRICS nations—Brazil, Russia, India, China, and South Africa—established the New Development Bank (NDB) to tackle the global infrastructure financing shortfall and to bolster the influence of BRICS countries in the international financial arena.
Headquartered in Shanghai, the NDB focuses on funding infrastructure and sustainable development projects not only within BRICS nations but also in other emerging and developing countries. Through the NDB, China collaborates with fellow member states to invest in critical projects related to transportation, energy, and water resources, effectively addressing the global infrastructure financing gap and stimulating regional economic growth.
China’s Belt and Road Initiative (BRI) complements the efforts of the NDB by strengthening regional markets and facilitating trade and investment in developing nations. A notable example is the Durban Harbor modernization project in South Africa, which is supported by the NDB and forms part of the Belt and Road cooperation between China and South Africa. Upon completion, it is poised to become one of the most significant shipping hubs in the southern hemisphere.
Moreover, China has demonstrated its commitment to deepening mutually beneficial cooperation with BRICS partners. In the first quarter of this year, trade between China and BRICS countries reached 1.49 trillion yuan (approximately $209.7 billion), an increase of 11.3 percent year on year, according to customs authorities.
As the BRICS Summit unfolds, China’s active participation and leadership are expected to continue driving global development and fostering a more inclusive and equitable international order. The summit serves as a platform for emerging economies to collaborate on solutions that address shared challenges and to promote sustainable growth worldwide.
Reference(s):
How China promotes global development, governance through BRICS
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