BRICS Summit: China looks to enhance financial partnerships

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In order to promote global economic growth, BRICS countries will strengthen coordination on a macro-level through fiscal and currency policies, as well as structural reforms, experts said at a news conference held by China’s State Council Information Office.

The BRICS summit will also promote the New Development Bank – a multilateral bank established by the BRICS states that seeks to strengthen cooperation in taxation, anti-money laundry measures, and anti-terrorism financing.

Zhou Wuqiang, director of the International Economics and Finance Institute, at the press conference held by China's State Council Information Office in Beijing, August 31, 2017. /SCIO Photo

“We will facilitate the development and perfection of the BRICS Contingent Reserve Arrangement, the local currency bond market, the establishment of financial institutions and financial services network, as well as the communication and cooperation in financial supervision,” said Zhou Wuqiang, director of the International Economics and Finance Institute, a think tank under China’s Finance Ministry.

Ye Fujing, head of the Institute for International Economy, a think tank under China’s National Development and Reform Commission, said the participants at the summit will also talk about anti-protectionism.

He said trade frictions should be resolved through the World Trade Organization or bilateral negotiations, and that all parties should abide by international laws instead of carrying out unilaterally.

Ye Fujing, head of the Institute for International Economy at the press conference held by China's State Council Information Office in Beijing on August 31, 2017. /SCIO Photo

“China and the US are experiencing different developing stages, it’s legitimate that the industrial policies are different, so it’s wrong to take the differences in policies as an excuse to imposing protectionism. China has been caring about protecting intellectual property rights, and would like to facilitate and maintain in a multi-lateral platform,” said Ye.

This year's theme of the BRICS summit is "Stronger Partnership for a Brighter Future." The BRICS cooperation mechanism has been in place for 10 years. Speaking of BRICS, Chinese President Xi Jinping once said it will be more productive and usher in a new "golden decade."