The five leaders of BRICS met in Ufa, Russia on 9 July 2015 [Xinhua]Chinese President Xi Jinping will host his four BRICS counterparts for an informal BRICS leaders meeting on the sidelines of the G20 Summit, the Chinese Foreign Ministry said on Monday.
Foreign Ministry Spokesperson Lu Kang said BRICS leaders Michel Temer, Russia’s Vladimir Putin, India’s Narendra Modi and South Africa’s Jacob Zuma will discuss bilateral ties and global issues in Hangzhou.
The G20 Summit will be held in Hangzhou, Zhejiang on September 4-5 this year.
After a meeting in Chengdu last month, the finance ministers and central bank governors of the Group of 20 vowed to use ‘all policy tools’ to aid growth.
China’s Commerce Minister warned last month that global cross-border investment may decline by as much as 15 per cent this year as trade remains sluggish.
Britain’s referendum in favor of leaving the European Union will crimp global trade in the short term, and a G-20 workshop will study the potential impact, according to China’s Vice Commerce Minister Wang Shouwen.
On Monday, emerging markets stocks extended a one year-high and Russia’s ruble led currencies higher as oil advanced.
BRICS nations, led by China and India, are among the fastest growing economies in the world.
The New Development Bank (NDB), an infrastructure-focused lender established by the BRICS emerging economies, plans to issue debt in the local currencies of its five member countries.
Brazil, Russia, India and China officially grouped together in 2009, with South Africa joining later, to press for a bigger say in global financial matters. The NDB, which is headquartered in Shanghai, started work last year.
The 8th BRICS Leaders Summit will be held in the western Indian state of Goa from 15-16 October.
TBP
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