Hangzhou (China), Sep 4 (IASN) Chinese President Xi Jinping on Sunday urged Brics countries to make joint efforts to improve global governance.
Brics countries — Brazil, Russia, India, China and South Africa — should enhance communication and coordination under the framework of G20, Xi said while attending a Brics leaders’ meeting on the sidelines of the G20 summit of the group of 20 major economies in Hangzhou, Xinhua news agency reported.
Xi called on the Brics members to promote the reform of the governance structure of the International Monetary Fund and the World Bank, with an aim to boost the representativeness and say of the emerging market and developing countries.
The five Brics countries should also work to safeguard the position of multilateral trade system as the key channel, jointly build an open world economy and oppose all kinds of protectionism and exclusionism, to ensure that all countries will be equal in terms of development rights, opportunities and rules, Xi said.
The Chinese President also called upon members of the emerging-market bloc to drive the Brics New Development Bank to implement the first batch of projects and boost the bank’s management level and financing capabilities.
The bank should promote the capabilities of macro research on the contingent reserve arrangement in order to enhance financial security for Brics countries, he said.
Brics nations are the leaders among emerging-market economies and developing countries, and also important members of the G20, Xi said.
He said that the leaders should reinforce coordination to well build, maintain and develop the Brics and G20 platforms.