According to a senior Chinese trade official, a key outline document put together by commerce ministers will increase investment and stimulate growth in BRICS countries.
Trimming red-tape and streamlining regulations for companies should help open up markets and boost the investment environment for the bloc's members, Brazil, Russia, India, China and South Africa.
"Strengthening investment among BRICS countries will help explore (each nation's) potential and will (increase) cooperation to a new level," said Hu Yingzhi, deputy negotiation commissioner at the Chinese Ministry of Commerce.
Commerce ministers agreed on an outline document in Shanghai last month ahead of the BRICS Summit in Xiamen, the resort city of East China's Fujian province, from Sept 3 to 5.
A key element of the blueprint appears to be cutting red tape by streamlining regulations, which will stimulate cross-border company investment.
The outline document, Hu pointed out, reflected the common desire of BRICS countries to increase investment and boost economic growth, and was a major multilateral initiative.
It follows on, he said, from the global investment guidelines rolled out by G20 Summit leaders in Hangzhou, East China's Zhejiang province, last year.
"It will be an important reference for global investment and will allow BRICS countries to contribute their wisdom and strength in establishing future global investment rules and governance," Hu added. (Source: China Daily)
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