What are They Interested In?

——How the Overseas Media see The BRICS Summit

The leaders of Brazil, Russia, India, China and South Africa met in China coast city Xiamen early September.

The summit of the BRICS nations brings together five major new emerging economies, who are seeking a greater say in world affairs.

A number of overseas media, including many from non-BRICS countries, also keeps a close eye on the latest reports from the summit.

So, what aspects are they focusing on?

Focusing On World Economy

The world economy is one of the key issues the BBC urged people to watch out for at this meeting.

The BBC quoted Chinese President Xi Jinping’s speech “We should push for an open world economy, promote trade liberalisation and facilitation, jointly create a new global value chain, and realise a global economic rebalancing.”

The belt and the road aims to expand trade links between Asia, Africa, Europe and beyond through infrastructure investments.

And the BBC is not the only one following views on the world economy at the summit.

Reuters reported President Xi’s statement at a business meeting on Sunday at the start of a three-day summit that the BRICS group of emerging economies must promote trade liberalization and an open world economy.

The New Development Bank

Set up in 20l5, the Shanghai-headquartered NDB was seen as the first major achievement for BRICS after the group came together in 2009 to press for a bigger say in the post-World War Two financial order created by Western powers. ——by Reuters

Reuters reported that according to the NDB’s president on Friday, it aims to make about $4 billion in loans next year. To date, it has invested in 11 projects, lending $1.5 billion in 2016 and $2.5 billion in loans set for this year.

According to the BBC, The New Development Bank is the BRICS alternative to the World Bank.

To date, the NDB has invested in 11 projects, lending $1.5 billon in 2016 with an additional $2.5 billion in loans set for this year.

The bank aims to address a massive infrastructure funding gap in the member countries, which account for almost half the world’s population and about a fifth of global economic output.

“It is a very comprehensive speech in discovering the economic side, the security side, etc. He also decided to set up a fund of $4 million for the New Development Bank (NDB),” said Atul Aneja, Associate Editor of The Hindu (India’s national newspaper)

The Tension Between China and India

Just before the BRICS meeting, Indian troops finally withdrew from the disputed area and took their weapons with them, ending a three-month border stand-off.

There is no doubt people are wondering how Indian Prime Minister Narendra Modi and Chinese President Xi Jinping will relate during their first bilateral meeting.

The BBC reported that according to Chinese state media, Mr Xi told Mr Modi that “healthy, stable” China-India ties were necessary.

According to India Daily, quiet but firm diplomatic manoeuvres in Delhi and Beijing saw China agreeing to a bilateral withdrawal from Dong Lang area(Doklam) just a week before BRICS Summit.

BRICS Plus

China invited the leaders of Egypt, Mexico, Tajikistan, Guinea and Thailand to participate in the BRICS summit. Talking about the future of ‘BRICS Plus’ based on the theme “Through dialogue, emerging markets and developing countries deepen mutually beneficial cooperation and promote common development”, and the implement of UN 2030 agenda for sustainable development as the main priority,to address sustainable development issues such as extensive development.

China will provide $500 million in aid under the South-South cooperation assistance fund to help other developing countries cope with such challenges as famine, refugees, climate change, and public health. China will also work with other countries to strengthen their experience in development and cooperation in capacity building. 40 thousand training places will be offered for other developing countries next years.

Chinese President Xi Jinping’s remarks on ‘BRICS Plus’ have drawn a lot attention from many overseas experts, who have generally endorsed the idea, and look forward to the “second golden decade” of BRICS cooperation.

According to ITAR-TASS, Russia is eager to learn what ‘BRICS Plus’ really is, what its scale of operations will be, and what influence it will wield, and looking forward to seizing whatever opportunities it might open up.

The Pakistan Independent news agency reported that Pakistan is also interested in ‘BRICS Plus’, because Pakistan is a developing country and would like to join.

The ‘BRICS Plus’ members will become beneficiaries and enjoy the opportunity to develop the BRICS cooperation mechanism.

As Robert Lawrence Kuhn, a prolific China expert and observer, once observed: “President Xi Jinping is now proposing a grand vision of global governance — stressing the strength of stability and the goal of mutual prosperity — with China playing a dramatic new role in seeking global win-win cooperation. BRICS is one platform in an increasing complex environment of global governance.”