SCIO briefing on BRICS economic and financial cooperation

0 Comment(s)Print E-mail China.org.cn, August 31, 2017
Adjust font size:

Speakers:
Zhou Qiangwu, director general of the International Economics and Finance Institute of the Ministry of Finance;
Ye Fujing, director general of the Institute for International Economic Research of the National Development and Reform Commission

Chairperson:
Hu Kaihong, spokesperson of the State Council Information Office

Date:

August 31, 2017

Since China took over the chairmanship of BRICS earlier this year, we have held two meetings of BRICS finance ministers and central bank governors and a meeting of their deputies, which I believe have laid a solid foundation for the upcoming Xiamen summit.

First, we must promote the economic growth of the BRICS countries and the world. BRICS countries will further strengthen communication and coordination at the macro level, including the use of all policy instruments of fiscal and monetary policy, and structural reform to promote their economic growth. The BRICS are also jointly urging developed countries to adopt responsible macro-economic policies to reduce negative spillover effects. At the same time, we are very clear in our joint opposition to trade protectionism

Second, is to deepen financial cooperation under the G20. At the G20 Hamburg Summit held in July, the BRICS countries also issued a joint statement, which made unique contribution to the success of the G20 summit.

Third, this summit will promote the development of the BRICS Development Bank, or, the New Development Bank. In this regard, if there is time, I will explain it to you further.

Fourth, facing the task of common development, we BRICS countries will work together to promote cooperation in the field of Public-Private Partnership (PPP) to lay a consolidated foundation for cooperation.

Fifth, we will work together on the convergence of accounting standards and the standardizing of audit supervision, with an aim to prepare for the interconnection of the BRICS bond market.

Sixth, we will improve tax cooperation, especially international tax cooperation, so as to improve the seamlessness and effectiveness of policy coordination.

Second, financial cooperation is a key part of cooperation among the BRICS countries. We will promote the improvement of the contingency reserve mechanism, keep fostering thelocal currency bond markets in the BRICS countries, propel the development of financial institutions and the network of financial services among the BRICS countries and intensify communication and collaboration on financial regulation, all of which dovetail nicely with the themes of G20.

We will also push cooperation on currencies, anti-money laundering and anti-terrorist funding. Fruits yielded from the practical cooperation in these areas will not only contribute toglobal economic governance, the economic development of the BRICS countries and the world, but will also elevate the cooperation among the BRICS countries to a new level, laying the foundations for the next ten year of BRICS. Thank you.

Hu Kaihong:

Now the floor is given to Ye.

<  1  2  3  4  5  6  7  8  9  >  


Follow China.org.cn on Twitter and Facebook to join the conversation.
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:    
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter