Cooperation only way to prevent economic crisis, president says at BRICS forum

President Xi Jinping called on Wednesday for international solidarity and coordination to maintain world peace and stability and promote global sustainable development.

In his keynote speech at the BRICS Business Forum, delivered via video link from Beijing, Xi also reiterated the need to implement the Global Security Initiative and the Global Development Initiative, both proposed by China, in order to realize common, comprehensive, cooperative and sustainable security and to achieve the United Nations' Sustainable Development Goals.

Xi will chair the 14th BRICS Summit on Thursday. BRICS, which comprises Brazil, Russia, India, China and South Africa, has become an important platform for exchanges and cooperation among the world's major emerging economies.

Addressing the forum, which political leaders, economic and trade officials and business executives from BRICS countries attended in Beijing or participated in online, Xi expressed his concerns about the rising challenges that the world is facing, such as the COVID-19 pandemic, security problems, slow economic recovery and setbacks in global development. He emphasized the need to strengthen international cooperation to promote world peace and development.

Xi said that in the past century, humanity has gone through the scourge of two world wars and the dark shadow of the Cold War. The tragedies of the past tell us that hegemony, group politics and bloc confrontation bring no peace or security; they only lead to wars and conflicts, he added.