BRICS boost from China

BRICS boost from China
By Catherine Hardy with REUTERS
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China will give 500 million yuan (64 million euros) for a BRICS economic and technology cooperation plan.

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China will give 500 million yuan (64 million euros) for a BRICS economic and technology cooperation plan.

Chinese President Xi Jinping says there will also be the equivalent of a further 3.3 million euros for projects at the BRICS countries’ New Development Bank.

The announcement comes amid questions over the relevance of BRICS and China’s commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.

Xi says China will give $76 million for BRICS cooperation plan https://t.co/eLnKhYmAWGpic.twitter.com/nKQwIZ0jcs

— Reuters Top News (@Reuters) 4 septembre 2017

*What did Xi say?

That BRICS countries should increase cooperation in sectors such as trade and investment, monetary and finance and sustainable development.

“We should redouble our efforts to comprehensively deepen BRICS partnerships and open BRICS cooperation,” he said during a plenary session at a BRICS leaders’ summit in the southeastern Chinese city of Xiamen.

Chinese President Xi Jinping urges BRICS to stand up against protectionism #BRICS2017pic.twitter.com/MnnT8gPOlw

— China Xinhua News (@XHNews) 4 septembre 2017

*What are the BRICS?

The BRICS group of emerging economies comprises Brazil, Russia, India, China and South Africa.

The heads of state have gathered in Xiamen, giving host China its latest chance to position itself as a bulwark of globalisation in the face of US President Donald Trump’s “America First” agenda.

BRICS New Development Bank funds US$ 3 billion for 11 projects https://t.co/LcCrarswQm#BRICS2017pic.twitter.com/y4bpA4TD16

— China.org.cn (@chinaorgcn) 4 septembre 2017

*What is the “Belt and Road initiative”?

The newly-announced funding plan pales into insignificance in comparison to China’s $124 billion dollar (104 billion euro) pledge earlier in May for Xi’s own Belt and Road initiative.

It aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.

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