BRICS 9th Summit 2017, China pledges US$80 million

World  – President Xi Jinping of China, which hosted the 3-day 9th BRICS summit in the coastal city of Xiamen from Sep 3 – 5 , said China will pledge US$80 million to boost the emerging five economies representing the BRICS members, – Brazil, Russia, India, China and South Africa. The money will be earmarked for economic and technological cooperation between these countries. He wanted BRICS, which accounts for about 23 per cent of the world’s economy and 43 per cent of the world’s population, to play a greater role in global governance. In his address during the meeting, he said ” Despite the differences in our countries, we are at a similar stage of development and share the same development goals. We should redouble our efforts to comprehensively deepen BRICS partnership and expand cooperation.” Economist Simon Freemantle wrote in a Standard Bank report that BRICS is now in a formidable position to bolster their collective leadership position.

The summit meeting was overshadowed by North Korea’s sixth nuclear test on Sunday and accordingly is preparing for another weapons test. However, China warned North Korea not to launch another ballistic missile, saying it should not worsen tensions on the peninsula.