EYESHENZHEN  /   News  /   Latest news  /   China

Xi stresses free trade, multilateralism for BRICS

Writer:   | Editor: Lily A  | From:  | Updated: 2018-07-27

President Xi Jinping on Wednesday called on BRICS countries to pursue win-win cooperation, innovation, inclusive growth and multilateralism to achieve common development for the emerging-market group when addressing the BRICS Business Forum at the 10th BRICS summit in Johannesburg, South Africa.

Xi shared his thoughts on the changes the world is going to witness in the coming 10 years, saying that the next decade will be a crucial one in which new global growth drivers will take the place of old ones, seeing faster changes in the international landscape and the international alignment of forces, and witnessing a profound reshaping of the global governance system.


Xi proposed that BRICS countries should advocate win-win cooperation to build an open economy, pursue innovation and seize development opportunities, seek inclusive growth to deliver benefits to people of all countries, and uphold multilateralism and improve global governance.

“A trade war should be rejected, because there will be no winner,” Xi said. “Economic hegemony is even more objectionable, as it will undermine the collective interests of the international community; those who pursue this course will only end up hurting themselves.”

He said that BRICS countries should firmly promote an open world economy, be resolute in rejecting unilateralism and protectionism, promote trade and investment liberalization and facilitation, and jointly steer the global economy toward greater openness, inclusiveness, balanced growth and win-win outcomes for all.

BRICS countries should also increase input in innovation, replace old growth drivers with new ones, advance structural reform, and boost international exchanges and cooperation in innovation, so as to enable more countries and people to benefit from scientific and technological advances, Xi said.

Free trade

Xi said China is taking major steps to firmly support trade liberalization and open its market.

China will host the first China International Import Expo in Shanghai this November, which will serve as a new platform for the world to access the Chinese market, Xi said.

He told the forum that over 130 countries and regions and more than 2,800 companies have confirmed participation in the expo by now, and over 150,000 buyers in and outside China are expected to attend this fair.

“I welcome business leaders from other BRICS and African countries to attend the Expo,” Xi said.

China will also continue to vigorously pursue the Belt and Road Initiative to create new opportunities of social and economic development for participating countries and for them to implement the United Nations 2030 Agenda for Sustainable Development, said Xi.


“We will take an active part in South-South cooperation to foster greater opportunities for common development of emerging markets and developing countries,” Xi said.

This coming September will see a reunion of China and African countries at the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, Xi said, noting that this summit will enable China and Africa to pursue high- quality and high-standard cooperation for mutual benefit and common development.