‘‘Global economic recovery fragile’‘ warns China’s Xi at Brics summit

 

 

GOA: -- The so called Brics countries – Brazil, Russia, India, China and South Africa – have vowed to forge closer trade ties at the end of their annual summit in Goa.

 

Leaders approved a raft of measures in Goa including a promise to better fight tax evasion. They also agreed to set up a new credit ratings agency.

 

Earlier, China’s President Xi warned that anti-globalisation and increasing protectionism was putting the world economy at risk.

 

“The global economic recovery remains fragile. Global trade and investment have slumped. Commodity prices continue to fluctuate. The underlying problems, which could trigger a global financial crisis, have not been solved.”

 

The Brics leaders also pledged to work closer on combating ‘‘cross border’‘ terrorism. But, India’s guests shied away from criticising arch-rival Pakistan, despite pressure from New Delhi.

 

 

-- © Copyright Euronews 2016-10-17

3 hours ago, webfact said:

The underlying problems, which could trigger a global financial crisis, have not been solved.”

TRANSLATION:

China's economy will continue to contract.

 

This might have a hidden positive effect as these "problems" may deter China at least in the short-term from military retaliation over vilation of China's declared sovereignty in the South China Sea.