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BRICS nations to promote reform of global monetary, financial system — Xi Jinping

The president of the PCR also believes that international rules should be written by all, with no separate groups giving the law to the global community

JOHANNESBURG, August 23. /TASS/. China considers it necessary for BRICS countries (Brazil, Russia, India, China, South Africa) to promote a reform of the international monetary and financial system, the Chinese leader Xi Jinping said at a plenary session of the BRICS summit.

"It is necessary to give full play to the role of the New Development Bank, facilitate the form of the international monetary and financial system and strengthen the representation and the voice of developing countries," he said.

"We should stick to the principles of impartiality and justice, improve the global management and fortify the system of global management to create common possibilities for the whole international community and choose the right option in countering global challenges," he said.

Xi Jinping also believes that international rules should be written by all, with no separate groups giving the law to the global community.

"BRICS countries should stick to genuine multilateralization, unity, oppose division and support the international system with the UN in the center of it, support and strengthen a multisided trade system within the WTO and stand against narrow circles and small groups," the Chinese leader noted.

The BRICS summit is being held in South Africa from August 22 through 24. According to South Africa’s Ambassador at Large for Asia and BRICS Affairs and BRICS Sherpa Anil Sooklal, around 30 countries are interested in joining the association and some of them, including Algeria, Bangladesh, Egypt, and Ethiopia, have officially applied for membership.

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