China's President Xi Jinping has promised this week to support the advancement of four economic powers, despite the spillover effects of the domestic pandemic and the Russian war in Ukraine. did. Analysts expect the pledge to take some time, and the results will not be immediate.
Xi spoke at the Beijing-sponsored Virtual BRICS Summit on Thursday.
Other countries are Brazil, Russia, India and South Africa, which together with China form a group known as BRICS. These large emerging economies see thealternative to the US-led world order
Chinese leaders BRICS in cross-border payments and credit ratings. Advocated cooperation. A Beijing news agency reported ThursdayThe report states that he further recommended "promoting" trade, investment and financing.
The Xinhua News Agency, the organizer of the Group's 14th Summit, said it would work with the BRICS countries to support "stronger, more environmentally friendly and healthier" global development.
Leaders urged more countries to join the New Development Bank, a concessional lender established by the BRICS countries in 2015. , Xinhua News Agency has been added.
Perspectives on future transactions
Analysts say that member states do not always work well with each other and with China's ambitions. , Substantial progress on these goals is likely to take some time. Given domestic and international issues, it may take some time to evolve.
"At the highest level, there is a bit of controversy, which could lead to more opportunities for further involvement," said Singapore-based private banking economist Son Sen Eun. Says. Malaysian bank CIMB unit.
China's economy has grown more than any other economy after decades of export manufacturing in much of the world. However, $ 17.5 trillion GDP maintainers were upset in the blockade this year to contain the COVID-19 surge. This screamed the world's supply chain ofChina origin
BRICS member Russia west over the war in Ukraine that caused food shortages and inflation. China is still facing tariffs on goods shipped to the United States and is affected by bilateral trade disputes.
India and China have their own differences. The two most populous countries in the world are vying for sovereignty over the mountainous areas between them, and China suffers from geopolitical cooperation with the western part of India.
Developing countries, including the BRICS, are heads of business schools at the Melbourne Institute of Technology in Australia, saying they can easily rely on Japan, the European Union and other Chinese alternatives for financial support. Stuart O said. He said these choices would delay China's ambitions to sow BRICS cooperation, as developing countries do not like to be overly dependent on Beijing.
"There's a lot of talk, but probably not much real progress in that regard. Once the dust has settled, things will probably be pushed back to the next BRICS conference and further progress. "Orr said.
China is still "suffering from health problems," Oh said, while the historic political rival, the United States, is finding new suppliers and customers for soybean exports.
As the United States sanctions Russia in the war and China in trade, Beijing officials want to expand cooperation with other countries, said Hwang Kweibo of Taipei City's National Chengchi University. Associate Professor said.
BRICS countries may reassure each other about the energy and food shortages associated with the war, Son said. Later, he said they could "flesh out" a substantive agreement.
Anti-Western Position
China regularly provideseconomic aid, investment, COVID-19 vaccineamicable from Africa to Central Asia We provide it to developing countries. Its flagship is the Belt and Road Initiative, a list of $ 1.2 trillion foreign infrastructure projects nine years ago aimed at opening a trade route linked to China.
Chinese officials feel that the BRICS countries will welcome their support and thus accept some of their political views, analysts say. Brazil was the only BRICS country to vote against Russia's invasion of Ukraine by the United Nations earlier this year. China, India and South Africa have abstained.
India is still robbing Russia of oil, despite its western-minded political activity and China's Belt and Road Initiative
"India And China's relations are very sensitive, but outside of these existing relations, like the Caribbean and Latin America, these places are places where India and China do not have a conflict of interest. " Said.
Brazil, in particular, is seeking more international assistance to overcome the "catastrophic impact" of COVID-19 at home, Orr said.
"There must be other countries considering participating in this type of regime," Huang said. "Then, if many of those countries do not have such a good relationship with the United States, that does not mean another thing that causes headaches in the United States in terms of geopolitics."
Declaration, announced at the summit on Thursday, states that the five countries support further discussions on the expansion of the group.
