Hi Focus Readers,
Top officials from Brazil, Russia, India, China, and South Africa convened in Johannesburg this week for the annual BRICS summit of major emerging economies. Following closed-door talks at the gathering, BRICS leaders have officially agreed to admit six more countries to the bloc – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The move has been framed as a way to strengthen the bloc and amplify the voices of developing nations, while also serving the geopolitical interests of Beijing and Moscow.
Chinese leader Xi Jinping was expected to give a speech at the event's business forum, but remarks were instead given by the country's commerce minister, Wang Wentao. While he didn't mention the U.S. directly, his speech often alluded to Washington's geopolitical position, stating that "some country, obsessed with maintaining its hegemony, has gone out of its way to cripple the emerging markets, and developing countries."
Another theme of the summit was de-dollarization and a move towards greater use of the BRICS currencies, and Xi expressed his desire for reforms within the international financial system, reflecting a call for change and adaptation.
Stay up to date on international affairs and the U.S.-China relationship by catching up on our latest Focus content, including topics covering U.S. restrictions on investments in China, China's economy, how Washington and Beijing can achieve productive engagement, and more.
Have a good weekend!
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Prepared by China-US Focus editorial teams in Hong Kong and New York, this weekly newsletter offers you snap shots of latest trends and developments emerging from China and the U.S. every week. It is a community space to exchange thoughts and ideas about the China-U.S. relationship and beyond.