China commerce official upbeat on BRICS growth; promotes big market
BEIJING, Dec. 15-- China's assistant minister of commerce said BRICS nations have the potential for long-term stable growth backed in multiple ways.
The official made the projection based on his analyses that infrastructure construction is being sped up noticeably, and domestic consumption has also been expanding among the developing BRICS markets which include Brazil, Russia, India, China and South Africa.
"Industrial development in the BRICS countries is vigorous, and the countries also have advantages in labor, natural resources, and technology," said assistant minister Wang Shouwen at a forum held in Beijing.
Wang called for the building of a more integrated big market through deepening cooperation among companies and facilitating trade and investment among the BRICS members in their efforts to forge closer partnerships.
Data showed trade value among the BRICS nations totalled 350 billion U.S. dollars in 2013, which was 2.5 times the value six years ago. Currently, China is the largest trading partner with Brazil, Russia, and and South Africa, and the second-largest trading partner with India.
At the end of last year, China's accumulative investment in the other four countries exceeded 55 billion U.S. dollars.
Amid a push for structural reforms, China's economic growth slid to 7.3 percent in the third quarter of this year dragged by a housing slowdown and unsteady exports. Meanwhile, Brazil, Russia, India and South Africa also saw slowing growth, sparking concerns.
In a major cooperative move this year, BRICS countries announced plans to establish a development bank in July which aims to boost infrastructure and sustainable development projects in BRICS countries and other emerging and developing economies.
"Industrial development in the BRICS countries is vigorous, and the countries also have advantages in labor, natural resources, and technology," said assistant minister Wang Shouwen at a forum held in Beijing.
Wang called for the building of a more integrated big market through deepening cooperation among companies and facilitating trade and investment among the BRICS members in their efforts to forge closer partnerships.
Data showed trade value among the BRICS nations totalled 350 billion U.S. dollars in 2013, which was 2.5 times the value six years ago. Currently, China is the largest trading partner with Brazil, Russia, and and South Africa, and the second-largest trading partner with India.
At the end of last year, China's accumulative investment in the other four countries exceeded 55 billion U.S. dollars.
Amid a push for structural reforms, China's economic growth slid to 7.3 percent in the third quarter of this year dragged by a housing slowdown and unsteady exports. Meanwhile, Brazil, Russia, India and South Africa also saw slowing growth, sparking concerns.
In a major cooperative move this year, BRICS countries announced plans to establish a development bank in July which aims to boost infrastructure and sustainable development projects in BRICS countries and other emerging and developing economies.
