Developing nations have become the main engine of growth: Xi

The Dollar Business Bureau

China’s President Xi Jinping on Tuesday said that developing nations and emerging economies have become the engine of economic growth in the world and announced that China will give $500 million to support such countries. 

The announcement by the Chinese President was made at a meeting in which heads of BRICS, including Indian Prime Minister Narendra Modi, and leaders of Guinea, Egypt, Mexico, Thailand and Tajikistan participated. The meeting was organised on the sidelines of the ninth BRICS Summit under BRICS Plus initiative of China.

“I wish to announce that China will provide $500 million for assistance fund for South-South Cooperation. The money will be used to help fellow developing countries to tackle famine, refugees, climate change, public health and other challenges,” Xi said.

He said the intention to invite the representatives of some developing nations from different parts of the world to this meeting, is to foster a wide network for creating partnerships and for building a community of shared development and future.

Xi called for robust cooperation and solidarity among the developing nations and emerging market economies for implementing the 2030 Agenda for Sustainable Development.

The Chinese president said that efforts should be made to increase the voice and representation of developing countries and emerging market economies in the world economic governance.

“The emerging market economies and developing countries have become the ‘main engine’ of world economic growth,” he added.

Xi, in his address, also spoke about China’s Belt and Road Initiative (BRI).

“Four years ago, I put forward the idea of Silk Road Economic Belt and 21st Century Maritime Silk Road. The initiative received warm response from the international community,” he said.

China had successfully hosted the Belt and Road Forum (BRF) for International Cooperation in May, this year. Along with the participating nations and global organisations, we have outlined the BRI vision and also proposed robust measures along the Initiative to pursue sustainable development, Xi said.

It is extensively agreed that BRI’s vision and philosophy and its focus on policies, finance, trade, infrastructure and people-to-people contact are quite similar to the 2030 Agenda for Sustainable Development and both can very well complement each other, he said.