First BRIC summit addresses global downturn, expects a new order -- People's Daily Online
First BRIC summit addresses global downturn, expects a new order

08:35, June 17, 2009

Chinese president makes proposal for tackling global financial crisis at BRIC summit
"We should work hard to overcome the difficulties and try to take the lead in recovering from the global financial crisis," Hu said, adding "This is not only for our own need, but also contributes to world economic recovery."

Chinese president makes proposals for closer BRIC cooperation at summit
"We should seize the historic opportunity, strengthen unity and cooperation, and jointly safeguard the overall interests of developing countries."

Add BRICs to building a harmonious world

BRIC: 14.6 percent of global GDP, 12.8 percent of the global trade volume
Brazil: GDP ranking 10th, forex reserve ranking 7th
Russia: GDP ranking 8th, forex reserve ranking 3rd
India: GDP ranking 12th, forex reserve ranking 4th
China: GDP ranking 3rd, forex reserve ranking 1st

· FM: BRIC cooperation to enhance voice of developing nations

The BRIC shares common interests and concerns in international affairs and should consolidate cooperation.

· BRIC countries demand more say in financial system reform

The BRIC statement welcomed a decision to broaden the membership of the Financial Stability Forum (FSF).

· "BRICs" expected to drive 70% of global growth

The economic growth rate of developing countries will continue to slide in 2009. However, emerging countries, especially the BRICs, will maintain relatively high growth rates.

· IMF: China, India, Brazil have roles to play as new donors to Africa
· World Bank: cautiously optimistic about G20 follow-up
· Experts: hard task of increasing voice for developing economies
· China expects consensus on financial system reform at BRIC Summit

"We expect the BRIC summit will expand strategic consensus, consolidate mutual trust, coordinate to cope with the global financial and economic crisis and lay out the blueprint for its future development."

· BRIC cooperation beneficial to regional, world peace: Chinese FM

Cooperation among the four nations is "in the interest of promoting peace, stability and development in relevant regions and in the world".

· BRIC countries can first emerge from financial crisis: Russian deputy PM

It is reasonable to believe that the BRIC countries are capable of emerging from the ongoing global financial crisis first, given their current economic growth at a rapid rate, said Russian Deputy Prime Minister Sergei Invanov.

· Brazil expects more coordination with other BRIC countries

The fundamental element is to start an integration mechanism among BRIC, which would eventuate in a timetable for future coordination, said an offical at the Brazil Foreign Ministry.

· India urged to play a new role

The Indian government is progressively pushing forward the reform on international financial system, hoping to play a vital role in the process.

· "Bric" leaders vow to boost coordination, role in int'l affairs

Enhanced dialogue and cooperation between the four nations are conducive to safeguarding world peace and promoting common development, and in the common interest of the international community, said Chinese President Hu.

· Official: China supports Russia's WTO bid

China supports Russia's bid for membership of the WTO and hopes for its accession into the alliance at an early date, a senior official of the Chinese Ministry of Commerce said.

· Russian-Chinese trade, economic forum opens in Moscow
· Brazilian President's visit to China bears fruit on economic co-op

China and Brazil will further promote the diversified trade and bilateral economic and trade cooperation, said the joint communique issued by the two countries on May 19 during Brazil President Lula da Silva's visit to China.

· China, Russia make major breakthrough in energy co-op
· Sino-India trade a new "bright spot"

China's trade with India, its 10th trade partner, reached 51.78 billion US dollars in 2008, up 34 percent year-on-year, helping to pluck up the confidence of the Asia-Pacific region as a whole to cope with the assault of global financial storm.

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