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Expand Opportunities and Meet Challenges Together
2015/11/16

Remarks by H.E. Xi Jinping
President of the People's Republic of China
At the Informal BRICS Leaders Meeting

Antalya, 15 November 2015

Your Excellency President Vladimir Putin,
Your Excellency Prime Minister Narendra Modi,
Your Excellency President Jacob Zuma,
Your Excellency President Dilma Rousseff,
Dear Colleagues,

It is a great pleasure to join you again. I wish to thank President Putin for hosting today's meeting. After the Ufa summit, we the five BRICS countries have followed through on the outcomes, enhanced communication and coordination and made new progress in BRICS cooperation through joint efforts.

Meanwhile, new developments have taken place in the international situation. Global economic recovery is slow, geopolitical issues are getting more prominent and challenges of a global scale have kept emerging. In this context, BRICS countries are faced with some new conditions for their development. First, the growing complexities and difficulties in the external environment. This is seen in the insufficient global demand, the increasingly divergent macroeconomic policies of individual countries, and the growing uncertainties facing global economic growth. Second, due to both domestic and external factors, BRICS countries are experiencing an economic slowdown, with development entering a phase of adjustment. Third, there has been continued talk of pessimism regarding BRICS countries' development.

Yet, as the saying goes, real gold does not fear the test of fire. True partnership is not just about celebrating success together. It is more about standing together in time of adversity. As long as we remain firm in our determination and enhance coordination, we will rise above challenges and overcome difficulties. We will prove to the world that BRICS cooperation delivers real shining gold.

I want to use today's opportunity to offer you the following lines of thought on how BRICS countries could play a greater role by working together.

First, we need to cultivate a favorable external environment for development and jointly improve global economic governance. The recent volatility in the stock markets and foreign exchange markets as well as the fluctuating prices of energy and resources worldwide are attributable to complex causes. They are the result of the lingering impacts of the global financial crisis.

It is important that parties concerned form a sensible expectation for BRICS development. The economy of BRICS countries may have slowed down, but emerging economies contribute to over half of the growth of the global economy and remain its main engine. Going forward, world economic recovery won't be sustained without the support of emerging economies as the propeller and driving force. BRICS countries need to step up collaboration within the G20. We need to encourage greater macroeconomic policy coordination among parties concerned, with emphasis being given to preventing short-term financial risks to avert a currency war or a trade war. At the same time, we also need to improve financial preparedness by building up such mechanisms as the New Development Bank and the Contingent Reserve Arrangement to increase our capacity to ensure, together with other countries, global financial stability.

BRICS countries also need to strengthen coordination and collaboration within the IMF, the World Bank, the WTO and other international institutions. This way, we could increase the representation and voice of developing countries as well as emerging markets in global governance. The IMF has just completed the SDR review report, which recognized the RMB as a "freely usable" currency and suggested the inclusion of the RMB in the SDR currency basket. China welcomes it and hopes to receive continued support from the BRICS countries for adding the RMB into the SDR basket. This serves the interests of all parties as it will help improve the international monetary system and uphold global financial stability.

Second, we need to make our voice heard on major international and regional issues and jointly tackle global challenges. The world today is not tranquil. Regional conflicts and flash-points need to be addressed. Terrorism is wreaking greater havoc. The terrorist attacks in Paris are yet another reminder that the impact and danger of terrorism are not to be underestimated and that terrorism has become the most serious and pressing security challenge for us. The international community must join forces, adhere to the purposes and principles of the UN Charter and other basic norms governing international relations, and reinforce counter-terrorism cooperation. It is especially important to address both the symptoms and root causes of terrorism and reject double standards. BRICS countries need to conduct extensive cooperation in experience and intelligence sharing, in following leads on terrorism, and in law enforcement.

The ongoing refugee problem in Europe stems from regional instability and uneven development. The way out of it is through peace and development. Recently, relevant parties have had two foreign ministers' meetings on Syria in quick succession, reaching quite a few important consensus on such issues as having a comprehensive ceasefire, launching a political process, setting up a transitional governing body and holding a general election. We must follow up on these consensus and get the political transition started under the auspices of the United Nations in order to sustain this hard-won momentum.

Third, we need to push forward win-win international cooperation on development and jointly advocate a new model of international development partnership. This year marks the Year of International Development. Two months ago, all of us attended the UN Sustainable Development Summit. I noted that many developing countries are interested in BRICS cooperation. They hope that BRICS countries could play a due role in addressing the development issue and in facilitating South-South cooperation.

So we need to join other developing countries to push developed countries to deliver on their development pledges and honor their obligations, and make joint efforts to foster a new model of global development partnership that is more diverse, open, effective and results-oriented. Implementation of the 2030 Agenda for Sustainable Development provides an opportunity for us to exchange ideas and share best practices with other developing countries on development, so as to deepen South-South cooperation. BRICS countries may lead efforts for implementing the 2030 Agenda. Meanwhile, we may help other developing countries with their implementation endeavor.

Fourth, we need to work hand in hand to advance economic upgrading and jointly realize long-term development. BRICS countries have more or less entered the rank of middle-income countries and face the same or similar mission for development. We need to shift our development model from one that relies on investing in production factors to one relying on greater labor productivity. Our development philosophy should no longer focus on speed but more on quality and efficiency. Our economic structure should be more balanced and supported by multiple pillars instead of a single pillar. And our growth should shift away from its dependence on export and be driven more by domestic demand. These four major shifts will provide us with new space and opportunities for cooperation. We need to follow through on the BRICS economic partnership strategy previously adopted at the Ufa summit to put in place a value chain and a greater market of shared interests of BRICS countries.

China is in a process of economic restructuring and deepening reforms. It is increasingly becoming a market of consumer goods and an exporter of production capacity and capital. China stands ready to share development opportunities with other BRICS countries to raise the level of BRICS economic cooperation.

Dear Colleagues,

This G20 Antalya Summit is very important given the current international landscape and circumstances. We BRICS countries need to support and collaborate with each other and further facilitate a shift of the G20 from a mere crisis-response mechanism to a long-term governance mechanism that focuses on cyclical policies and parallel structural reforms. We need to promote an open global economy and stand against trade protectionism. We need to urge parties concerned to adopt macroeconomic policies that are truly responsible to avoid negative spillovers of these policies and jointly expand aggregate global demand.

China will play host to the 11th G20 Summit next year. China appreciates the valuable support given by other BRICS countries and sees the event as a major opportunity to advance BRICS cooperation.

Also next year, India will assume the BRICS presidency, and China will give India its full support in hosting the BRICS leaders meeting. I hope these two major events will reinforce each other and that by working together, we could contribute our fair share to global economic growth and enhanced BRICS cooperation under new circumstances.

Thank you.

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