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Thursday, September 7, 2017

BRICS Mechanism Provides Good Cooperation Platform for China, Russia

The BRICS cooperation mechanism provides a good platform for China and Russia to work together, Russia's First Deputy Prime Minister Igor Shuvalov said.

With the ninth BRICS summit wrapping up in Xiamen City of east China's Fujian Province, Shuvalov believes that the future of economic cooperation between the two countries is bright.

The agreements reached by BRICS countries during the summit, especially the concept of BRICS Plus, will boost economic cooperation among emerging economies and developing countries and will promote stability of global economy, said Shuvalov.

"Generally speaking, the BRICS mechanism will help us establish a brand new, innovative or even groundbreaking cooperation model, which will accelerate the integration of different areas and improve the livelihood of our people. Both the governments and cooperation mechanisms aim at raising people's living standards. In this way, the BRICS mechanism is also beneficial for Russia's economic development," he said.

Apart from speaking highly of China's economic achievements in the recent decade, particularly in the infrastructure sector, Shuvalov said Russia wants to join hands with China on the Belt and Road Initiative and the Eurasian Economic Union, so as to upgrade the region's infrastructure and boost economic development.

"We need to be more open and treat every Chinese investor sincerely. We also need to enhance cooperation among Eurasian countries and remove trade barriers, so as to allow the free flow of trade and investment among members of the Eurasian Economic Union and China," said Shuvalov.

The deputy prime minister also believes that China and Russia should use more of their currency in bilateral trade, as it is a good way to keep trade stability.

"We should use more of the ruble and yuan especially in bilateral trade and reduce the use of the dollar. Though it is hard, the two countries can reach this target," said Shuvalov.

In addition, Shuvalov hopes China engages deeply in development in the Fast East, and Russia will provide favorable environment for China and other investors.

"Russia warmly welcomes Chinese investors. The Fast East and China have an excellent cooperation environment. The Fast East has huge talent resources, a good research environment, rich natural resources and good infrastructure. So I think the Fast East is a good cooperation field for China and Russia," said Shuvalov.

The BRICS summit, which was held from Sept. 3-5, brought together its five members -- Brazil, Russia, India, China and South Africa -- as well as invited guests Egypt, Mexico, Thailand, Tajikistan and Guinea.

Source: Rreuters