China increases its funding for the BRICS (Brazil, Russia, India, China, and South Africa) international alliance to fight the “protectionism” espoused by U.S. President Donald Trump.
From Reuters:
XIAMEN, China (Reuters) – China will give $80 million in funding for BRICS cooperation plans, Chinese President Xi Jinping said on Monday, while the bloc of five emerging countries pledged to oppose protectionism.
Xi offered 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the group’s New Development Bank (NDB) during a three-day leaders summit in the southeastern city of Xiamen.
China’s new contributions to BRICS pale in comparison to its $124 billion pledge earlier in May for Xi’s own Belt and Road initiative, which aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.
Read the rest of the story at Reuters.com.
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