China pledges less for BRICS

XIAMEN, China - China has announced $80 million for BRICS, $76.4 million will be for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries’ New Development Bank, Chinese President Xi Jinping said on Monday.
China pledges for BRICS has a difference of $44 million compared to China’s $124 billion pledge earlier in May in a push for Xi’s own Belt and Road initiative.
Xi said BRICS countries should increase cooperation in sectors such as trade and investment, monetary and finance, and sustainable development.
“We should redouble our efforts to comprehensively deepen BRICS partnerships and open BRICS cooperation,” he said during a plenary session at a BRICS leaders’ summit in the southeastern Chinese city of Xiamen.
The heads of state from the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa will gather in Xiamen through Tuesday, giving host China its latest chance to position itself as a bulwark of globalization in the face of U.S. President Donald Trump’s “America First” agenda.