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Big News Monday September 4, 2017
As U.S. looks inward, China invests in the future at BRICS
With the theme for this year’s BRICS summit being ‘Stronger Partnership for a Brighter Future’ - the summit in Xiamen, China opened with a unilateral statement from the bloc of five emerging countries - pledging to oppose protectionism. The summit of the five emerging economies - Brazil, Russia, India, China and South Africa this year is set to discuss measures for how BRICS could become an even bigger player and help spearhead a campaign for greater economic globalisation. On Monday, Chinese president Xi Jinping offered 500 million yuan ($76.4 million) in funding for a BRICS economic and technology cooperation plan. Jinping also pledged another $4 million for projects at the group’s New Development Bank (NDB) during the three-day leaders summit. The announcement from the host country came amid questions over the relevance of BRICS and China’s commitment to the NDB in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank - efforts that Beijing has been making to...Read more
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