China Russia BRICS
In this photo released by Xinhua News Agency, Russian President Vladimir Putin delivers a keynote speech in virtual format at the opening ceremony of the BRICS Business Forum in Beijing Wednesday, June 22, 2022. The conflict in Ukraine has "sounded an alarm for humanity," Chinese leader Xi Jinping said Wednesday, as China continues to assume a position of neutrality while backing its ally Russia. (Yin Gang/Xinhua via AP)
politics

China hosts BRICS meeting amid rising economic concerns

14 Comments

Chinese President Xi Jinping on Thursday is hosting a virtual summit with the leaders of Brazil, Russia, India and South Africa collectively known as the “BRICS,” amid rising concerns over the global economic outlook and a growing political divide between Beijing and New Delhi.

While no agenda has been issued for the talks, Ukraine is likely to feature heavily in the background. China has refused to condemn Russia's invasion while criticizing sanctions brought against Moscow. India has bought large amounts of Russian oil at a heavy discount, and South Africa abstained on a United Nations vote condemning Russia's actions.

Along with Xi, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, South African President Cyril Ramaphosa and Brazilian President Jair Bolsonaro are scheduled to join the two days of discussions.

China has sought to use the BRICS meetings to further its vision of an alliance to counter the U.S.-led liberal democratic world order while expanding its economic and political footprint.

That has produced few tangible results, but Xi remains committed to the idea of an alternative — and principally authoritarian — global governance mode, investing heavily in countries like Cambodia while cracking down on civil rights in Hong Kong and boosting its military to assert its claims in the South China Sea and threats to annex Taiwan by force.

In an address to the BRICS Economic Summit on Wednesday, Xi said the conflict in Ukraine has “sounded an alarm for humanity,” continuing its formal position of neutrality while backing its ally Russia.

Xi said imposing sanctions could act as a “boomerang” and a “double-edged sword,” and that the global community would suffer from “politicizing, mechanizing and weaponizing” global economic trends and financial flows.

“Economic globalization is an objective requirement for the development of productive forces and an irresistible historical trend,” Xi said.

In a recorded video, Bolsonaro made no mention of any country and said that “the current international context is a cause for concern because of the risks to trade and investment flows to the stability of energy supply chains and investment."

“Brazil’s response to these challenges is not to close itself off. On the contrary, we have sought to deepen our economic integration," he added.

The BRICS collective was founded in 2009 when the countries were seen as the potential engine for future global economic growth.

Since then, South Africa and Brazil have seen their economies become mired in crisis while China’s growth has sharply declined and Russia has become embroiled in its invasion of Ukraine and punishing economic sanctions imposed by the West.

China and India have meanwhile feuded over their disputed border and New Delhi’s defense partnership with the U.S., Japan and Australia in what is known as “The Quad.” Skirmishes along the frontier resulted in a major standoff in 2020 leading to casualties on both sides.

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14 Comments

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The thugs in BRICS are Russia and China. G7 does not include autocracies. Best get a clue.

Really have looked at the USA history?

Good luck tying to says it isn't a thug.

Oh BTW what country is encouraging and supplying Saudi Arabia with planes bombs etc... that has now killed 150,000 in Yemen and killed or seriously wounded 10,000 children!

Russia?, China? No no let's see oh yes the USA and UK.

Right they get others to do the dirty work now.

-5 ( +3 / -8 )

AntiquesavingToday  08:26 pm JST

OssanAmerica

Today 03:58 pm JST

An organization of thugs and self interest tag alongs.

This is BRICS not the G7.

The thugs in BRICS are Russia and China. G7 does not include autocracies. Best get a clue.

0 ( +5 / -5 )

OssanAmerica

Today 03:58 pm JST

An organization of thugs and self interest tag alongs.

This is BRICS not the G7.

-5 ( +3 / -8 )

If the west continues with the sanctions policies ( we know work so well just by looking at Cuba and Iran) (sarcasm off) ) and continues to increase interest rates instead of dealing with the real problem, high oil prices.

Then BRICS may leave the West eating it's dust.

India is buying cheap Russian oil, then using it to make friends by bailing out others hurting from the high prices.

China once it finishes dealing with covid will be doing the same as will Russia.

By doing that their economies will rebound faster as lower fuel prices means lower food, etc.. prices and friends that will buy their cheaper products.

-8 ( +1 / -9 )

The public opinion in America on China is shifting rapidly, and soon you will start to see American businesses pulling out of China.

Didn't they say that about 10 years ago? Still not seeing it.

-6 ( +3 / -9 )

US is China customer,do not bite the hand,they feed you

Now that can be interpreted in a few ways.

The USA is China's money supply or China is the parts, tools, and supplies that keeps things moving in the USA.

China may need the USA market, but the USA wouldn't last a week without Chinese made supplies. Most of the western countries wouldn't last

-7 ( +1 / -8 )

https://www.globaltimes.cn/page/202206/1268503.shtml

I love it when people quote “The Global Times” as a source and want to be taken seriously.

The American economy will bounce back.

The public opinion in America on China is shifting rapidly, and soon you will start to see American businesses pulling out of China.

7 ( +10 / -3 )

The US economy is self feeding beast,you wonder why Japanese buy our Tbill

-5 ( +3 / -8 )

Whenever China moves, the world trembles. Can't really ignore the impact of China.

-4 ( +4 / -8 )

Iam not fond of china recently.

But it would be difficult to deny that China always seems to be on the rapid bounce back of economic masterminds.

China just keeps getting stronger.

They are devilishly clever.

-2 ( +7 / -9 )

This looks amazing when combined with the Belt and Road Initiative. It will bring 40%+ of the worlds population out of poverty.

-10 ( +4 / -14 )

An organization of thugs and self interest tag alongs.

4 ( +9 / -5 )

Since then, South Africa and Brazil have seen their economies become mired in crisis while China’s growth has sharply declined and Russia has become embroiled in its invasion of Ukraine and punishing economic sanctions imposed by the West.

And yet Biden is shortly to go cap in hand to the Chinese to ask for their help in salvaging the American economy by lifting some of the Trump-era tariffs that are driving US inflation.

"As the US is facing the most serious inflation challenge in 40 years and extremely heavy economic pressure, it seems like Washington is looking to China for some hope, as US President Joe Biden recently told media he is seeking dialogue with China's top leader and is in the process of making his mind up on the tariff issue.

Chinese experts said on Sunday that the US decision-makers have finally admitted the additional tariffs on Chinese goods have harmed US consumers and its economy badly, but they should not see correcting the mistake as a gift to China and trade it for other interests. Washington needs to unconditionally cancel all the additional tariffs that harm not only the two countries but the world economy. "

https://www.globaltimes.cn/page/202206/1268503.shtml

How ironic would it be that ahead of the US midterm elections Biden needs Chinese help to manage the US economy.

-5 ( +6 / -11 )

US is China customer,do not bite the hand,they feed you

-11 ( +3 / -14 )

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