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“We are firm in our position that all countries, regardless of their size, strength and level of development, are equal members of the international community and that the destiny of the world should be decided by people of all countries. We should uphold international justice and, in particular, speak up for developing countries,” said Xi.
In 2014, China has launched a new Asia Infrastructure Investment Bank (AIIB) with 21 Asian nations, a $100 billion BRICS Bank and a $40 Silk Road investment fund, all geared towards giving a bigger say to BRICS and emerging economies in international economic affairs.
The Chinese President was speaking in Beijing on Friday and Saturday at a conference on foreign affairs presided over by the Chinese Premier Li Keqiang.
“We should advance multilateral diplomacy, work to reform the international system and global governance, and increase the representation and say of China and other developing countries,” Xi was quoted by Chinese state agency Xinhua.
Developing economies like the BRICS have long alleged that the IMF and World Bank impose belt-tightening policies in exchange for loans while giving them little say in deciding terms.
The IMF reforms have hit a serious roadblock with the Barack Obama administration failing to push IMF quota reforms through the US Congress till now.
Apart from Xi, the Chinese Premier Li Keqiang and top Communist leaders, China’s ambassador to the US also spoke at the conference.
The Chinese President also pledged to push for a world free of domination by any superpower, without mentioning the US.
“We should be fully mindful of the complexity of the evolving international architecture, and we should also recognize that the growing trend toward a multi-polar world will not change,” Xi said on Saturday in Beijing.
“We should be keenly aware of the protracted nature of contest over the international order; on the other hand, we need to recognize that the direction of reform of the international system will remain unchanged,” said the Chinese leader.
China has reservations about a much-hyped Asia pivot as Washington seeks to expand American interests in Asia as a counterpoint to China’s growing influence.