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China's Xi opens BRICS summit in South Africa

26 July 2018

Chinese President Xi Jinping and Rwanda's President Paul Kagame address a news conference in Kigali, Rwanda July 23, 2018.

You will see during the summit that the likes of President Xi and Prime Minister Modi run real powerhouses, not Putin.

"With China we signed a loan agreement of $76 million for the road from Huye to Kibeho and for the new Bugesera airport access road it is $50 million", Ndagijimana said.

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules, and we are anxious about the impact of these measures", South African President Cyril Ramaphosa told the summit's opening session.

South African President Cyril Ramaphosa right shakes hand with Chinese President Xi Jinping after a joint press conference at the government's Union Buildings in Pretoria South Africa Tuesday

Leaders from the five BRICS nations sounded the alarm Wednesday about what South Africa's president described as recent threats to multilateralism and sustainable global growth - a not-so-coded reference to a brewing trade war between the United States and BRICS' wealthiest member, China.

Chinese President Xi Jinping said Wednesday that the world faces "a choice between cooperation and confrontation" in remarks critical of escalating USA tariffs on goods from China and other major trading partners.

The BRICS countries comprise more than 40% of the global population but have never worked as a co-ordinated economic bloc.

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We are facing a choice between cooperation and confrontation, between [an] opening up and a closed doors policy, between future benefits and the beggar-thy-neighbour approach.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn).

Chinese President Xi Jinping raised his concerns as the three-day summit began in South Africa.

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The next decade will be a crucial one in which new global growth drivers will take the place of old ones, seeing faster changes in the worldwide landscape and the worldwide alignment of forces, and witnessing a profound reshaping of the global governance system, Xi said while addressing the BRICS Business Forum in Johannesburg, South Africa. "We are concerned by the rise in unilateral measures that are incompatible with World Trade Organization rules, and we are anxious about the impact of these measures, especially as they impact developing countries and economies".

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China's Xi opens BRICS summit in South Africa