China to give R1bn for Brics plans

China will give $80-million (R1.03-billion) in funding for Brics co-operation plans, Chinese President Xi Jinping said on Monday, while the bloc of five emerging countries pledged to oppose protectionism.

Xi offered $76.4-million for a Brics economic and technology co-operation plan and another $4-million for projects at the group’s New Development Bank during a three-day leaders’ summit in the city of Xiamen.

China’s new contributions to Brics pale in comparison to its $124-billion pledge earlier in May for Xi’s own Belt and Road initiative, which aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.

The announcement came amid questions over the relevance of Brics and China’s commitment to the New Development Bank in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.

Xi said at the Brics leaders’ summit that the five emerging economies – Brazil, Russia, India, China and South Africa – should increase co-operation in sectors such as trade and investment, monetary policy and finance, and sustainable development.

BY REUTERS

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