China calls on BRICS countries to deepen financial cooperation

Addis Ababa, June 7, 2022 (FBC) – The People’s Bank of China will further deepen financial cooperation with other BRICS members, the central bank’s governor Yi Gang said at the Finance Ministers and Central Bank Governors of BRICS countries meeting on Monday.

Yi spoke highly of the concerted efforts made by all BRICS countries – namely Brazil, Russia, India, China, and South Africa – in achieving positive progress in financial cooperation.

The virtual meeting, co-chaired by Yi and Chinese finance minister Liu Kun, discussed topics such as improving the Contingent Reserve Arrangement and the cooperation of transition finance and other areas.

Noting the challenging situation where the COVID-19 pandemic continues to linger, the world economic recovery is weak, the international situation is complex and severe, and global development is facing obstacles, Liu said the BRICS should continue to be a positive, progressive and constructive force in the international community.

“The BRICS countries should strengthen solidarity and cooperation, deepen communication and coordination, safeguard human life and health, promote the stable recovery of the world economy, maintain the stable operation of the international economic and financial system, and promote the improvement of global economic governance system and rules,” he said.

The meeting called upon the international community to foster partnerships, noting that it is imperative to strengthen macro-policy coordination in driving the world economy out of the crisis and shaping a strong, sustainable, balanced and inclusive post-pandemic economic recovery.

It reiterated BRICS countries’ commitment to maintaining a strong and effective global financial safety net with a quota-based and adequately resourced IMF at its center, calling for the timely and successful completion of the 16th General Review of Quotas.

The meeting also recognized the crucial role of sustainable finance in the global economic recovery as well as the importance of transition finance in facilitating orderly green and low-carbon transition. CGTN