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Xi urges bigger role for developing nations

2014-07-16 08:48 Global Times Web Editor: Li Yan

President meets Putin, Modi ahead of sixth BRICS summit in Fortaleza

Chinese President Xi Jinping has used multiple occasions to advocate that developing nations should have better representation and a bigger say in world affairs, ahead of Tuesday's summit of five major emerging economies in Brazil.   [Special coverage]

Xi, who arrived in Brazil Monday for the first leg of his Latin American trip, Tuesday joined leaders from Brazil, Russia, India and South Africa for the sixth BRICS summit in Fortaleza.

In an interview with Latin American media on Monday, Xi said cooperation among BRICS nations is conducive to "a more balanced world economy, more effective global governance and more democratic international relations."

Stressing China will actively promote better representation and a bigger say for developing countries in global affairs, Xi said China will also propose more solutions, contribute its wisdom and provide more public goods for the world.

Xi also made a similar commitment during separate meetings with Russian President Vladimir Putin and Indian Prime Minister Narendra Modi Monday.

The first concrete step for the summit to foster change in the existing international order is expected at Tuesday's session, when the New Development Bank (NDB) and a $100 billion currency reserve fund are set to be launched.

The two financial institutions are widely regarded as alternatives to the West-dominated World Bank and International Monetary Fund (IMF).

Zhu Jiejin, a professor with the School of International and Diplomatic Affairs at Shanghai International Studies University, said that reforms to the global financial system are overdue.

Recent efforts to reform the IMF quota and governance have been stuck for five years before the US Congress.

"Disputes became acute after BRICS nations found that existing mechanisms were still used to serve the interests of Western countries to justify US quantitative easing and to find solutions to the eurozone debt crisis, all while pressing issues for developing countries were neglected," Zhu said.

Despite progress in establishing the NDB, which was proposed two years ago, BRICS countries are reportedly locked in negotiations over where it should be headquartered.

AFP reported that Shanghai is seen as the frontrunner to host the bank but South Africa insists on having it in Johannesburg. New Delhi and Moscow are the other candidates.

The five nations are also negotiating who should first hold the bank's rotating presidency.

In addition to economic governance, the BRICS summit will also shed more light on political and security affairs, as Russia's seat in the G8 was suspended over the Ukraine crisis and China faces tensions in its surrounding waters.

Ahead of the summit, Putin told Russia's ITAR-TASS news agency, "Together we should think about a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the US and their allies."

In the first meeting between Xi and Modi, the two leaders agreed to solve border disputes through negotiations and encouraged Chinese investment in India's railway construction and development of industrial zones.

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