BRICS Business Forum: Xi Jinping: 'No winner' in any trade war

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We begin in Johannesburg, where Chinese President Xi Jinping has declared that there will be "no winner" in any trade war. He made the remarks in a speech to government and business leaders at the opening of a BRICS Business Forum. CGTN's Yang Zhao has the details.

In the last decade, BRICS member countries saw a rise in cooperation as the global economy declined. And when leaders of the five economies -- namely Brazil, Russia, India, China and South Africa -- reunited to look at the next chapter, they saw more opportunities and bigger challenges.

XI JINPING CHINESE PRESIDENT "We are facing a choice between cooperation and confrontation, between opening up and a closed-door policy, and between mutual benefit and a beggar-thy-neighbor approach. The international community has once again reached a new crossroads."

President Xi at the BRICS Business Forum emphasized free trade and integration, as protectionism, particularly from the United States, creates growing concerns.

XI JINPING CHINESE PRESIDENT "A trade war should be rejected because there will be no winner."

The BRICS group compromises more than 40 percent of the global population, representing some of the biggest emerging markets.

President Xi is calling for developing countries to unify and take a leap-forward as world economy shifts gear. It's a chance to rebalance the global economic landscape which used to be dominated by developed countries.

XI JINPING CHINESE PRESIDENT "We should release more positive effects of economic globalization, and help emerging and developing countries, especially African and least developed countries, to be involved in the industrial division of labor and share the dividends of globalization."

To do that, China is continuously opening up its markets, and welcoming more and more participants in the Belt and Road Initiative.