China
17:31, 04-Sep-2017
China announces increase in BRICS funding
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Chinese President Xi Jinping made a keynote speech at the plenary session of a BRICS leaders’ summit in the southeastern Chinese city of Xiamen on September 4.
China will set aside 500 million yuan (roughly 76 million US dollars) for economic and technological cooperation and exchanges between BRICS countries, Xi announced.
As a new push for the Belt and Road initiative, the announcement of a 500-million-yuan funding plan aims to facilitate policy exchange and practical cooperation in the fields of economy and trade.
At the same time, China will contribute four million US dollars to the New Development Bank (NDB) project, supporting the business operations and long-term development of the bank.
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