‘Despite slowdown, BRICS’ strong’

Addressing the Business Council Summit here, the Chinese President said the global economy is yet to fully recover from the 2008 credit crisis and is still struggling with a ‘treacherous recovery’. Admitting that the crisis of 2008 has not only ‘slowed down BRICS economies’ but they are still ‘facing challenges’ even after eight years of the worst recession since the 1930s, Xi, however, stressed that the ‘potential and the strength’ of the grouping is ‘unchanged’ and they continue to remain positive from a longterm perspective. 

He said innovation holds ‘the key to leapfrog’ development in BRICS countries and urged businesses to follow this path for a steady and sustainable economic development. Even though the global headwinds exist, he said there are both challenges as well as opportunities in this new phase of partnership for the nearly two-decade-old idea of BRICS. 

Xi urged the businesses to ‘seize’ all the available opportunities, increase their investments and undertake actions which will boost the confidence of the markets, the public and as well as the international community.