Chinese President Xi Jinping arrived in the southwestern Russian city of Ufa on Wednesday to attend the 7th BRICS (Brazil, Russia, India, China, South Africa) summit and the 15th Shanghai Cooperation Organization (SCO) summit.[Special coverage]
Read more:
BRICS, SCO set to yield pragmatic results
The BRICS Summit and a meeting of the Shanghai Cooperation Organization held in Russia between Wednesday and Friday are projected to yield pragmatic results including a new development bank and the two organizations will evolve into practical co-operation from mere discussions, experts said.
China expected that the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa - will make progress in putting into operation the BRICS New Development Bank and emergency reserve arrangement at the BRICS Summit held in Ufa, Russia from Wednesday to Thursday, Chinese Vice Foreign Minister Cheng Guoping told a press conference on Monday.
Chinese President Xi Jinping will attend the seventh leaders meeting of the BRICS and the 15th Meeting of the Council of the Heads of State of the Shanghai Cooperation Organization (SCO) Member States.
"Advancing the new development bank is the foremost goal since it can help shift the cooperation from mere view-exchanging to more practical one," said Zhu Jiejin, an associate professor at the Center for BRICS Studies of Fudan University. The five member countries will cooperate on different projects through investing in the bank, he added.(more)
