China urges BRICS countries to beef up economic co-operation

China has urged other members of the BRICS bloc of countries to work together more closely to improve collective trade and so boost their economies.

Speaking at the annual meeting of the BRICS Business Council, Chen Siqing, chairman of the BRICS Business Council’s China chapter and chairman of the Industrial and Commercial Bank of China, said: “The Chinese side put forward a four-point proposal for strengthening exchanges and cooperation among the business communities of the five member countries.”

The proposal involves promoting openness and inclusiveness to build a broader partnership, upholding mutual benefit and win-win outcomes to promote accelerated economic recovery, Chen said.

In addition, China proposed the bloc exploit technological developments to encourage growth, and jointly address the risks and challenges ahead, he added.

The BRICS Business Council, which was established in 2013 during the fifth BRICS Summit in Durban, South Africa, holds regular dialogues among the business communities and governments of the BRICS countries and proposes solutions to the issues facing the members’ economies.

This year has been declared as the ‘Year of South Africa’ by BRICS to recognise the 10th anniversary of the establishment of the BRICS Business Council.

“After 10 years of unremitting efforts, BRICS business cooperation has become increasingly diversified. Economic and trade exchanges have become closer, yielding hard-won results and promising future prospects,” said Chen.

“Standing at the critical juncture of the past and the future, all parties should join hands and work together to promote BRICS business cooperation and create a better future with greater efforts and more practical measures,” he added.

During this year’s meeting, the council put forward more than 30 recommendations to the governments of the BRICS countries on themes ranging from trade and investment to agricultural development and connectivity among markets.

It issued a joint statement on promoting trade and investment among BRICS countries, which Chen said “will provide a boost to the common prosperity of BRICS countries and Africa”.

The Chinese delegation also sought a wider consensus with representatives of other BRICS countries on deepening cooperation in key areas and promoting the recovery of the global economy, Chen said.

Busi Mabuza, chairwoman of the South Africa chapter of the BRICS Business Council, said that as the global influence of the BRICS countries continues to grow, their business communities continue to benefit from greater cooperation.

Looking ahead, the business communities will be the driving force behind the sustainable development of the BRICS countries and should strengthen exchanges and co-operation for the benefit of all developing countries, she told the Economic Daily newspaper.

Lan Qingxin, a professor in the School of International Trade and Economics at the University of International Business and Economics in Beijing, said: “The BRICS countries, with their huge market size and potential, occupy a pivotal position in the global economy.

“They have strong momentum to promote international economic development and social progress. They are demonstrating great influence in promoting the recovery of the world economy,” he said.

The BRICS countries are Brazil, Russia, India, China and South Africa.

 

China welcomes US move on Unverified List

Meanwhile, the US Bureau of Industry and Security (BIS) has announced it has removed 27 Chinese entities from its Unverified List, prompting experts in China to welcome the move.

Removal from the Unverified List lifts the restrictions on the Chinese organisations, enabling them to receive shipments from US exporters and recommence business activities.

BIS’ move means that 33 foreign parties will be removed from the ‘red flag’ list – a roster of businesses worldwide that are subject to stricter export controls as the US government was unable to complete end-use checks.

Matthew Axelrod, assistant secretary for export enforcement in the US Department of Commerce, said in the BIS statement that the removal of 33 foreign parties “will demonstrate the concrete benefit companies receive when they or a host government cooperates with the BIS to complete a successful end-use check”.

The 27 Chinese entities now off the Unverified List are mainly involved in sectors like photovoltaics, machinery manufacturing, electronics, computer science, chemistry and biotechnology.

Chinese Foreign Ministry spokesman Wang Wenbin said China welcomed the US move as it demonstrates that the two sides can resolve their specific concerns through communication on the basis of mutual respect.