On August 23 and on the sidelines of President Xi Jinping’s attendance at the 15th BRICS Summit, the Press Center of the Chinese Delegation invited an official of the Ministry of Finance to brief the media on the outcomes of BRICS financial and economic cooperation.
The official said that in recent years, BRICS countries have strengthened communication and coordination, addressed challenges together, deepened practical cooperation, promoted economic recovery and sustainable development in their own countries and the world, and maintained sound momentum of cooperation in the financial field, thus highlighting the role of BRICS in the global economic governance system. China and South Africa, the BRICS Chair this year, as well as other BRICS countries, have held one meeting of BRICS Finance Ministers and Central Bank Governors and three meetings of BRICS Finance and Central Bank Deputies this year, mainly achieving the following results:
First, issuing the BRICS Joint Ministers of Finance and Central Bank Governors Statement and sending out BRICS messages. The Joint Statement proposes to strengthen macroeconomic policy coordination and carry out multilateral cooperation on debt, reform of multilateral development banks, infrastructure investment, customs and tax cooperation, the BRICS Think Tank Network for Finance, and other key issues. Given the sluggish global economic recovery and rapidly evolving international landscape and global governance, all parties unanimously adopted the Joint Statement, sending out the common message that BRICS countries uphold and act on true multilateralism, express concerns over the negative spillover effects of developed countries' macroeconomic policies on the economic and financial stability of developing countries, and support the development of developing countries. The Joint Statement effectively demonstrates the resilience and vitality of BRICS cooperation, enhances the influence of developing countries in the global economic governance system, and injects positive, stable, and constructive strength into the world.
Second, endorsing the operational guidelines for the BRICS Think Tank Network for Finance and actively promoting the effective implementation of the results of the Year of China for BRICS. The establishment of the BRICS Think Tank Network for Finance was an important achievement during China's chairmanship last year. It aims to provide useful intellectual support for BRICS countries' efforts to promote economic recovery, advance sustainable development, conduct policy coordination, and deepen practical financial cooperation. To deepen and flesh out the cooperation in the think tank network and promote deliverables, all parties have agreed to endorse the operational guidelines for the BRICS Think Tank Network for Finance this year. The operational guidelines will create favorable conditions for advancing specific cooperation and achieving visible results in the next stage.
Third, deepening exchanges and cooperation among BRICS countries in such fields as infrastructure investment, customs and tax. China has actively shared experience with other parties on the programmatic approach in infrastructure development and delivery in BRICS countries, proposing Chinese solutions and contributing Chinese wisdom. China will continue to work with other parties to promote cooperation with the New Development Bank (NDB), and expects the NDB to provide financial support and technical guarantees for infrastructure development in BRICS countries. In addition, all parties have basically reached common understandings on supporting the early formulation and finalization of the text for the BRICS Mutual Recognition Arrangement (MRA) of the Authorised Economic Operator Programme, which will effectively promote practical cooperation on customs.
The official noted that South Africa is the rotating Chair of the BRICS this year. The finance ministries of China and South Africa have all along maintained good cooperation. Since the beginning of this year, China has actively supported South Africa’s work as the BRICS Chair, and the two countries’ finance ministries have maintained close communication and coordination on financial cooperation among BRICS countries, making positive contributions to the fruitful results of cooperation in the financial field in the Year of South Africa for BRICS.
