Chinese leader Xi Jinping urges Brics to lead ‘urgent’ international finance reform

Chinese President Xi Jinping called on Wednesday for the Brics nations to lead the “urgent” reform of the international financial architecture to better reflect the global economy.

He told the bloc’s annual summit it should also drive reform of global governance and cooperate further in innovation and green development.

The meeting in the Russian city of Kazan is the first since it added five new members earlier this year and Xi confirmed the bloc will soon invite more “partner countries” to join.

“Under the current circumstances, the urgency of reforming the international financial architecture is prominent,” Xi said, according to state news agency Xinhua.

“The Brics countries should play a leading role, deepen financial cooperation, promote the interconnection of financial infrastructure, maintain high-level financial security, expand and strengthen the New Development Bank, and promote the international financial system to better reflect changes in the world economic landscape.”

Also on Wednesday, Xi met the Indian Prime Minister Narendra Modi for their first official talks since a deadly clash between the two countries’ troops in June 2020.