BRICS ties seen as key to global recovery

The fourth BRICS Forum on Partnership on New Industrial Revolution held in Xiamen, Fujian province. [Photo provided to China Daily]

China is willing to continuously enhance practical cooperation with other four BRICS countries－Brazil, Russia, India, and South Africa－to jointly benefit from the New Industrial Revolution, the country's top industry regulator said on Wednesday.

At the fourth BRICS Forum on Partnership on New Industrial Revolution held in Xiamen, Fujian province, on Wednesday, Xin Guobin, vice-minister of industry and information technology, said that embracing the New Industrial Revolution will inject strong impetus into the economic growth of countries around the globe and become a key driving force in the promotion of global economic recovery and sustainable development.

To seek sustainable development, Xin said China is willing to cooperate with other BRICS countries in fields including 5G, the industrial internet, big data, artificial intelligence and smart manufacturing.

Citing key tasks such as building industrial partnerships and enhancing capabilities in developing information communication technologies, Xin said the country will introduce a series of collaborative projects involving talent training and policy exchanges.

Xin said the BRICS Partnership on New Industrial Revolution Innovation Center, newly launched in Xiamen, will enhance cooperation with international organizations like New Development Bank－a major Shanghai-based lender to BRICS and other developing countries－with a key focus on fields important to the New Industrial Revolution like technology and legal regulations.

Zhou Qiangwu, vice-president of NDB, said the BRICS Partnership on New Industrial Revolution addresses the challenges and maximizes the opportunities created by the New Industrial Revolution and plays a key role in boosting the international competitiveness of the five countries, promoting BRICS cooperation.

In the next five years, the NDB aims to approve $30 billion in investment projects, increase its financing in local currencies and expand partnerships with more private players.

Zhou said 40 percent of the projects the NDB supports will go to climate change mitigation and adaptation, and none of these goals can be achieved without advanced, proven, smart and green technologies, which are key priorities of the New Industrial Revolution.

The moves are part of China's wider strategy to embrace opportunities presented by the New Industrial Revolution, with a key focus on applying digital technologies, promoting green and low-carbon transformation, industrial upgrading and sustainable development.