Opinion: President Xi maps out new global economic governance

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‍On September 3, 2017, Chinese President Xi Jinping delivered a keynote address at the opening ceremony of the two-day BRICS Business Forum, one day ahead of the 9th Annual Summit of BRICS, which was held on September 4-5 in Xiamen, southeast China's Fujian Province.

President Xi's speech is positive, realistic and open, resonating with the Xiamen Summit theme of "BRICS: Stronger Partnership for a Brighter Future."

Xi's speech demonstrated new prospects for the five BRICS members - Brazil, Russia, India, China and South Africa - enhancing mutual trust and strategic communication while blowing a new horn for other emerging markets and developing countries to advance the right path of globalization, rejecting protectionism.

In his 40-minute address President Xi analyzed the current global economic landscape and summarized the achievements made so far in BRICS cooperation, while looking ahead to a “great era of development, transformation and adjustment.”

Focusing on enhancing cooperation between the BRICS members, President Xi rhetorically said, "Construction of a tall building starts with the foundation. We have laid the foundation and put in place the framework for BRICS cooperation." Xi underlined that “treating each other as equals and seeking common ground while shelving differences,” is an important part of cooperation between the five member emerging economies.

President Xi’s speech emphasized that BRICS countries should work to usher in the second "golden decade" of cooperation. He said going forward, BRICS countries have major tasks to accomplish, which are to grow economies and to strengthen cooperation. "It is time to set sail when the tide rises," Xi said, adding that countries should work to let their economic cooperation have more substance.

The Chinese president used his speech to strengthen China’s advocacy for economic globalization in the face of signals from the Trump administration of rising protectionism.

Chinese President Xi Jinping (C), Brazilian President Michel Temer (L1), Russian President Vladimir Putin (L2), South African President Jacob Zuma (R2) and Indian Prime Minister Narendra Modi (R1) attend the 2017 BRICS summit in Xiamen, east China's Fujian Province, September 4, 2017. /Xinhua Photo

His expressions on globalization and abandoning the old economic order were really positive and impressive. He reinforced his message by telling the forum that the development of emerging markets and developing countries is not intended to "move the cheese of anyone" but to "make the pie of the global economy bigger."

Given the current state of sluggish global growth in recent years, such issues as uneven development, inadequate governance and deficit of fairness, he urged BRICS countries to work together with other members of the international community to uphold and secure global economic stability and growth for the long term benefit of all nations.

"We five countries should open more to each other, expand converging interests in this process, take an inclusive approach and share opportunities, so as to create even brighter prospects for growing the economies of the five countries," he said.

As a responsible leader on the world stage, President Xi reminded the forum of their international responsibilities, “The long road to global peace and development will not be a smooth one” as more than 700 million people are still living in hunger, tens of millions of people have been displaced and become refugees, while many people, including innocent children, have been killed in conflicts. He urged the BRICS countries as well as the international community to promote the implementation of the 2030 Agenda for Sustainable Development.

(L-R) South African President Jacob Zuma, Indian Prime Minister Narendra Modi, Brazilian President Michel Temer, Russian President Vladimir Putin, Chinese President Xi Jinping, Egyptian President Abdel-Fattah el-Sisi, Guinean President Alpha Conde, Mexican President Enrique Pena Nieto, Tajik President Emomali Rahmon, Thai Prime Minister Prayuth Chan-o-cha pose for a group photo before the Dialogue of Emerging Market and Developing Countries. /AFP Photo

The proposal of “BRICS Plus,” which aims to bring non-BRICS countries into the organization, is very realistic. Truly, in recent years, the impact of BRICS cooperation reaches far beyond the five countries, in particular, other emerging markets and developing countries. Citing a Chinese proverb, “It is easy to break one arrow but hard to break ten arrows bundled together,” President Xi Jinping said, BRICS should promote the BRICS Plus approach to build an open and diversified network of development partners. Surely, the BRICS Plus model can turn the BRICS mechanism into a broader and more inclusive platform, through which more emerging economies can have dialogue and deepen cooperation.

In his candid speech, Xi referred to the Belt and Road Initiative (BRI) which has turned into a crucial component of boosting interconnectivity through impressive infrastructure works since 2013. Xi said the BRI is not a tool to advance any geopolitical agenda, but a platform for practical cooperation. "I am convinced that the BRI will serve as a new platform for all countries to achieve win-win cooperation and that it will create new opportunities for implementing the 2030 Agenda for Sustainable Development," he said. No doubt, the BRI has offered much inspiration to the world in the past four years.

President Xi got a round of applause for calling on BRICS countries to adopt a holistic approach to fight terrorism in all its forms and ensure that terrorists have no place to hide.

He also described the long and arduous journey that China had taken in 40 years of reform and opening-up and China's readiness to take leadership in driving global growth for the benefit of not just China but all peoples of the world.

Under the leadership of the Communist Party of China (CPC), the Chinese people have embarked on the development path of socialism with Chinese characteristics. Despite hardships and challenges, China has become the world’s second largest economy, the lives of its 1.3 billion-plus people have been significantly improved, and China has made an increasingly greater contribution to both regional and global economic development.

Undoubtedly, Xi has unveiled a new horizon, and opened up a new world of peace and prosperity, harmony and happiness.

(This piece was originally published on China.org.cn. The author is the secretary of New Horizon Radio Listeners' Club, West Bengal, India. The article reflects the author's opinion, and not necessarily the views of CGTN.)

Source(s): China.org.cn