Chinese President Jinping announces $76 million for BRICS economic cooperation

Chinese President Xi Jinping on Monday announced $76 million for a BRICS economic and technology cooperation plan and another $4 million to support the projects of the bloc's New Development Bank at the BRICS summit in Xiamen, China.

"I wish to announce here that China will launch the economic and technical cooperation plan for BRICS countries with ¥ 500 million (about $76 million at the current exchange rates) for the first term to facilitate policy exchange and practical cooperation in economic and trade field," Xi said, at the opening of the plenary session at the Xiamen BRICS Summit.

Jinping called on BRICS countries to synergise their development strategies to simulate each member's growth potential and said the BRICS countries should make economic globalisation open and inclusive, and beneficial to all.

Xi made the remarks while addressing the ninth BRICS summit in the south-eastern Chinese city of Xiamen, which was also attended by leaders of Brazil, Russia, India and South Africa.

The five countries should find areas where their respective development policies and priorities converge, and work to build a big market for trade and investment, achieve smooth flow of currency and finance, and realize infrastructure connectivity,Xinhua quoted Xi as saying.

Xi also said China would contribute $4 million for the BRICS New Development Bank (NDB) for project preparation facility and to support the business operation and long-term plans of the bank.

"We need to make the international order more just and equitable. Our ever closer ties require that we five countries play more active in global governance. Without our participation, many pressing global challenges cannot be effectively resolved," he said.

Xi said the grouping should speak in one voice and jointly present solutions to issues concerning international peace and development.

"This meets the expectation of the international community and will help safeguard our common interests," he said.

"We should remain committed to multi-lateralism and basic norms governing international relations, work for new type of international relations and foster peace and stable environment of all countries," Xi said.

He said the BRICS countries should build an open economy, support multilateral trade regime and oppose protectionism.

The BRICS Summit began in Xiamen on Monday with a group photograph of leaders of the five countries and was preceded by a warm handshake between Prime Minister Narendra Modi and Chinese President Xi Jinping, who received the leaders of Brazil, Russia and South Africa ahead of the restricted meeting of the grouping.