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Last Updated Sunday April 22 2018 04:23 AM IST

China to provide $ 76.4mn for BRICS economic cooperation

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China to provide $ 76.4mn for BRICS economic cooperation Chinese President Xi Jinping speaks during the opening ceremony of the BRICS Business Forum at the Xiamen International Conference and Exhibition Center in Xiamen, China | Photo: Reuters

Xiamen: China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries' New Development Bank, Chinese president Xi Jinping said on Monday.

The newly announced $80 million funding plan pales in comparison to China's $124 billion pledge earlier in May in a push for Xi's own Belt and Road initiative, which aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.

The announcement came amid questions over the relevance of BRICS and China's commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.

Xi said BRICS countries should increase cooperation in sectors such as trade and investment, monetary and finance, and sustainable development.

"We should redouble our efforts to comprehensively deepen BRICS partnerships and open BRICS cooperation," he said during a plenary session at a BRICS leaders' summit in the southeastern Chinese city of Xiamen.

The heads of state from the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa will gather in Xiamen through Tuesday, giving host China its latest chance to position itself as a bulwark of globalization in the face of U.S. president Donald Trump's 'America First' agenda.

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The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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