The 16th BRICS Summit is set to take place in Kazan, Russia, from October 22 to 24. Invited by Russian President Vladimir Putin, Chinese President Xi Jinping departed Beijing on Tuesday to participate in this significant gathering.
Experts anticipate that this summit, the first following BRICS expansion, will see Xi and other BRICS leaders outline a strategic vision for the organization. They aim to enhance cooperation among emerging economies and the Global South while addressing pressing global challenges such as deglobalization, financial instability, and climate change.
Over the past 18 years, China, as the largest economy in the BRICS group, has played a significant role in bridging development gaps among member states, amplifying the voices of the Global South, and promoting the reform of global political and economic governance.
Fostering economic collaboration
In 2014, the BRICS nations – Brazil, Russia, India, China, and South Africa – established the New Development Bank (NDB) to address the global infrastructure financing shortfall and strengthen the influence of BRICS countries in the international financial landscape.
Headquartered in Shanghai, the NDB focuses on funding infrastructure and sustainable development projects not only within BRICS nations but also in other emerging and developing countries. Through the NDB, China collaborates with other member states to invest in critical projects related to transportation, energy, and water resources, effectively addressing the global infrastructure financing gap and stimulating regional economic growth.
Additionally, China's Belt and Road Initiative (BRI) complements the NDB's efforts by strengthening regional markets and facilitating trade and investment in developing nations. For example, the Durban Harbor modernization project, supported by the NDB, is also a Belt and Road cooperation project between China and South Africa. Upon completion, it will become one of the most important shipping hubs in the southern hemisphere.
Moreover, China has demonstrated its commitment to deepening mutually beneficial cooperation with BRICS partners. In the first quarter of this year, trade between China and BRICS countries reached 1.49 trillion yuan (about $209.7 billion), an increase of 11.3 percent year on year, according to customs authorities.
Reference(s):
How China promotes global development, governance through BRICS
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