Xi on BRICS: Protectionism, unilateralism pushing down global growth
Updated 20:06, 14-Nov-2019

Chinese President Xi Jinping said protectionism and unilateralism have dealt a blow to international trade and are pressuring the global economy into a slowdown. He made the remarks in a speech at the closing ceremony of the BRICS business forum in Brasilia, Brazil on Wednesday.

Business leaders from Brazil, Russia, India, China and South Africa made proposals on economic policies to the five countries' leaders.

President Xi reiterated China's unwavering support to free trade and multilateralism, a consensus reached among the five BRICS members in last year's summit.

Business community should take lead 

Xi also urged business leaders from the states to boost confidence in growth and find innovative ways to deal with the rising challenges posed by protectionism.

He said that the world is facing a new round of technology revolution and industrial changes, which gives a strong boost to productivity and socioeconomic development. At the same time, protectionism, unilateralism and hegemony are on the rise, striking a blow to international trade and pushing down the global economy.

Xi said that under the current circumstance, business leaders should take measures including supporting multilateralism, eliminating trade barriers and increasing connectivity, to ensure stable cooperation among countries.

The business community takes the lead in business cooperation among BRICS countries, so the community should continue to play an active role as it is at the forefront of changes, said Xi.

Xi said embracing the digital economy and green growth can contribute to global economic vitality.

China's development presents opportunities for the world

Xi said that China's development presents opportunities for the world. China has contributed over 30 percent of world economic growth. Last year, China's foreign direct investment amounted to 143 billion U.S. dollars, 53 times that of 2002.

He also vowed China will continue to further open up its market, boost imports and improve its environment for foreign businesses and investment.

The building of the Belt and Road has entered a new phase of high-quality development, and businessmen should seize the opportunity to gain more fruitful results, said the Chinese president.