BRICS, Business Forum summit: Xi Jinping criticised the West for imposing sanctions on Russia and charged that it had “weaponized” the global economy. The Chinese president also cautioned against “expanding” military connections in his address. In the midst of financial difficulties, he encouraged international cooperation.
.For some time, however, economic globalization has faced headwinds and countercurrents. Some countries attempt to decouple with others, sever supply chains and build a small yard with high fences. – Xi Jinping, president of the republic of china.
The Chinese president described the sanctions as a way to ‘politicize, instrumentalize and weaponize the global economy’ he illustrated sanctions as a weapon of countries having dominant status in financial and monetary systems by ‘ inflicting suffering on people around the world’. He also mentioned the concern of the international community by saying, ‘should this trend continue, the world economy would fragment and become competitively exclusive’.
Xi emphasized economic globalization by saying that it represents the ‘development of productivity which is history’s inexorable pattern. He also mentioned the repercussions of anyone who tries to stop global economic development as ‘block another way will only have his path blocked’
The president also mentioned the war in Ukraine as a wake-up call and defined it not as the aggression of Russia but rather as “attempts to expand military alliances and seek one’s own security at the expense of others which will only land in a security dilemma”
The other side dilemma of this summit is that India is also a member of BRICS. On one side it’s still having a trade relationship with Russia and on the other side, it’s having border clashes with China in the Himalayas.