SCIO briefing on BRICS economic and financial cooperation

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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

Ye Fujing:

Mr. Hu, friends from the press, good morning.

BRICS cooperation is one of the most important mechanisms of South-South cooperation. The ninth BRICS Summit is another major diplomatic activity held at home this year after the Belt and Road Forum for International Cooperation.

We know that the current world economic and political situation is undergoing profound changes. Although the global economy is showing signs of moving in the right direction, there are still many uncertainties and destabilizing factors. The supply-side constraints, in particular, have not been fundamentally resolved, thus we have to wait and see whether or not the economy can stride into a new round of growth. Moreover, anti-globalization and protectionism is still rampant.

The open world economy is facing new challenges and risks, and the global governance system needs to be further reformed and improved, therefore, there is still a long way to go to achieve the goal of inclusive and balanced development.

Under these circumstances, the ninth BRICS Summit, themed deepening the partnership and opening up a brighter future, aims to deepen the BRICS partnership to better promote the BRICS development, achieve win-win in emerging markets and developing countries, build an open world economic system, improve global governance and push for solutions to deficits in peace, development and governance.

BRICS cooperation has just stepped into the second "golden decade," having achieved spectacular success in the past ten years. We have been jointly building an open world by being at the forefront of international cooperation, outlining a vision of the future as a booster of global economic development, coping with global challenges by making significant contributions to the long-term stability of the international community, and safeguarding fairness and justice by continuing to lead the reform process of global economic governance.

The Strategy for BRICS Economic Partnerships outlines eight key fields, which have witnessed progress in different phases. For example, in the field of trade and investment, several cooperation agreements have been reached during the 7th Meeting of BRICS Trade Ministers, such as the BRICS service and trade cooperation roadmap, e-commerce cooperation agreement and program on investment facilitation.

In regard to industry, agriculture, technology and innovation, several action plans and consensuses have been reached during the ministerial level meetings in each field. And corresponding cooperation mechanisms have been established.

Considerable progress has been made in connectivity as well as other fields. While noting these achievements, we also see the challenges faced by the BRICS countries, both internal and external.

Internally, in the economic field, the BRICS countries generally face dual pressures of creating steady growth while undertaking structural adjustment, as well as the considerably biggerchallenge of energy transformation. In other sectors, some disputes and misunderstandings still exist. As we are developing countries, various kinds of implicit and explicit barriers also exist in our cooperation and remain to be eliminated.