On June 23rd, at the 14th BRICS Summit, Xi Jinping pledged to provide economic support to member countries Brazil, Russia, India and South Africa to strengthen cooperation and against Western countries. According to a report, as the host of the 14th BRICS Summit, Xi presided over the meeting online in Beijing, and said that the Chinese Communist Party (CCP) will strengthen cooperation with the BRICS countries to provide economic assistance and hopes to cooperate in cross-border payments and credit ratings.
The report pointed out that among the BRICS members, only Russia and Communist China are directly subject to economic sanctions by the West. Communist China has been sanctioned by the United States with long-standing tariffs on its exports due to technology theft. Russia has been subject to severe economic sanctions from many Western countries for its invasion of Ukraine. Despite the precarious economic situation in Communist China, in order to counter Western sanctions, Xi still resorted to financial aid to win over the BRICS countries and called on more countries to join.
It is reported that the relationship between the BRICS member countries is complicated. India once competed with Communist China for territorial sovereignty, Brazil voted at the United Nations against Russia’s invasion of Ukraine, South Africa may look to other countries for economic support. It can be seen that the economic agreement proposed by Xi at the BRICS summit may be difficult to achieve.