China calls on BRICS to support economic globalisation, oppose unilateralism

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The world’s second largest economy has gained the support of other emerging markets and agreed to fight against trade protectionism, this according to Chinese Finance Ministry.

China released a statement on its website ahead of the key BRICS summit in Johannesburg on Tuesday.

Leaders from the country have called for BRICS nations to firmly support economic globalisation and undeniably oppose unilateralism.

This call comes after President Donald Trump said he was ready to impose tariffs on imports from China and accused Asia and the European Union of weakening their currencies to gain trade benefits.

Vice president of the New Development Bank Xian Zhu has pledged his commitment to increasing productivity and to fast track delivery of infrastructure projects in BRICS countries.

The New Development Bank, formerly referred to as the BRICS Development Bank, was addressing the BRICS Business Council meeting in Durban. BRICS countries have called for accelerated lending to the private sector.

Zhu says so far $2.3 billion has been granted in loans to projects in BRICS countries, in 2018 alone. Zhu expressed that there are expectations that this is expected to double by the end of the year

Meanwhile, Minister of Trade and Industry, Rob Davies has called for greater co-operation among BRICS countries to increase investment levels.

Davies expressed concern over a large disparity from BRICS countries investing in South Africa.

He was addressing the first day of BRICS Business Council Meeting in Durban.