BRICS should raise voice in global economic governance: China

5 Dariya News

Brisbane 15-Nov-2014

The BRICS countries should actively participate in international multilateral cooperation and raise their voice in global economic governance, Chinese President Xi Jinping said here Saturday.Xi made the remarks while meeting with other leaders of the BRICS countries on the sidelines of the G20 summit, Xinhua reported.Economic cooperation serves as the lasting power house for the development of the BRICS countries, Xi said when meeting with Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South African President Jacob Zuma and Brazilian President Dilma Rousseff.The BRICS countries should remain committed to drafting a long-term blueprint for economic cooperation and forging a closer economic partnership by facilitating market inter-linkages, financial integration, infrastructure connectivity as well as people-to-people contacts, he said.

All sides should step up efforts for the establishment of a new development bank and a contingency reserve arrangement since both are of great significance, he added.The cooperation between the BRICS countries should be driven by the two "wheels" of economy and politics so that BRICS can act as not only the world's economic engine, but also a shield for world peace, said the Chinese president.The BRICS countries should further their cooperation and coordination in world politics and security, Xi said.All sides should also strengthen coordination and cooperation at the G20 summit to help achieve positive results, he said.

On the just concluded Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, Xi said the leaders decided to build a future-oriented Asia-Pacific partnership, construct an open economy featuring development and innovation, interlinked growth and interests' integration, and start setting up an Asia-Pacific free trade zone.The APEC meeting also drafted a blueprint for inter-connectivity and reached consensus on economic innovation, reform and growth, Xi said.The leaders called on emerging economies to strive for a sustained growth and actively promote global economic governance.They also called on related developed countries to adopt responsible monetary polices to prevent spillover effect, expand investment and create sustained growth forces.Xi met other BRICS leaders hours ahead of the G20 summit in Brisbane. He arrived here late Friday to attend the summit and will later begin a state visit to Australia.