Guess who's heading to Kazan, Russia, for the 16th BRICS Summit from October 22 to 24? Yep, Chinese President Xi Jinping! Invited by Russian President Vladimir Putin, Xi left Beijing on Tuesday to join this super important gathering.
This summit is a big deal, especially since it's the first one after BRICS expanded. Experts are buzzing that Xi and other leaders will sketch out a new strategic vision. Think boosting cooperation among emerging economies and the Global South, and tackling huge global challenges like deglobalization, financial instability, and climate change. 🌍🌱
Over the past 18 years, China, the biggest economy in BRICS, has been a major player. They've been bridging development gaps among members, giving a louder voice to the Global South, and pushing for reforms in global politics and economics.
🤝 Fostering Economic Collaboration
Back in 2014, the BRICS nations—Brazil, Russia, India, China, and South Africa—set up the New Development Bank (NDB). Their mission? To tackle the global infrastructure financing gap and amp up the influence of BRICS countries in the international financial scene.
With its HQ in Shanghai, the NDB isn't just about BRICS nations. It funds infrastructure and sustainable development projects in other emerging and developing countries too! Through the NDB, China teams up with other members to invest in crucial projects like transportation, energy, and water resources. This not only fills the infrastructure gap but also boosts regional economies! 🚆⚡💧
But wait, there's more! China's Belt and Road Initiative (BRI) works hand-in-hand with the NDB's efforts. It's all about strengthening regional markets and making trade and investment smoother for developing nations. For instance, the Durban Harbor modernization project in South Africa is supported by the NDB and is a BRI cooperation project. Once done, it'll be one of the southern hemisphere's most important shipping hubs! 🚢🌊
Plus, China has shown major commitment to growing win-win cooperation with BRICS partners. In the first quarter of this year, trade between China and BRICS countries hit 1.49 trillion yuan (about $209.7 billion), up 11.3% year on year! Talk about growth! 📈
Reference(s):
How China promotes global development, governance through BRICS
cgtn.com
