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China Pledges New Funding for BRICS as Group Opposes Protectionism

Posted September 05, 2017

Under Economic Issues, International Trade Issues

(Michael Martina & Yawen Chen – Reuters)

China will give $80 million in funding for BRICS cooperation plans, Chinese President Xi Jinping said on Monday, while the bloc of five emerging countries pledged to oppose protectionism.

Xi offered 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the group’s New Development Bank (NDB) during a three-day leaders summit in the southeastern 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. Click here to read more.