Xi stresses IMF reforms, upward trend of BRICS economy

UFA, Russia, July 9  -- Chinese President Xi Jinping on Thursday urged the BRICS countries to push for reforms of the governance structure of the International Monetary Fund (IMF) by expanding the representativeness and raising the voice of the emerging-market countries and developing countries.

Xi made the remarks at the seventh BRICS (Brazil, Russia, India, China, South Africa) summit in the southwestern Russian city of Ufa.

BRICS countries should work together to elevate their position and role in the global governance system, and push the international economic order to conform with the historical trend of rising influence of emerging market countries and developing countries, Xi said.

The president said that the rules of the international economic system need to keep improving through reforms so as to adapt to the new changes in the global growth pattern and make responsibilities commensurate with abilities.

Xi called for building an open world economy, supporting a multi-lateral trade mechanism, pushing for the Doha Round negotiations to protect the legitimate interests of emerging market countries and developing countries, and ensuring that every country can enjoy equal opportunities, rules and rights in international economic and trade activities.

The president also called on BRICS countries to strengthen cooperation in information security, Internet management and immigration issues.

On BRICS economy, Xi said that the upward trend of the BRICS countries won't change despite difficulties and challenges in their respective development.

"The more difficulties we face, the more confidence we must have," Xi said.

The president acknowledged that the emerging market countries and developing countries are encountering growing risks and challenges and are going through economic slowdown, as the world economy is still in a period of profound adjustment after the international financial crisis, which led to increasing instabilities and uncertainties.

"We should be aware that any progress is not made along a straight line, but with twists and turns," Xi said.

Despite difficulties, the BRICS countries enjoy abundant natural and human resources, vast domestic markets, huge development potential, and plenty of policy space, so our upward trend won't change, said the president. Enditem