China urging the BRICS coalition to evolve into a geopolitical challenger to G7

TL;DR Breakdown

  • China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7.
  • There have been disagreements on the BRICS membership and the criteria for adopting new members.

Description

China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7. Leaders from various developing nations will convene to discuss the most extensive expansion the forum has witnessed in over ten years.  President Cyril Ramaphosa of South Africa has extended invitations to over 60 heads of state and … Read more

China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7. Leaders from various developing nations will convene to discuss the most extensive expansion the forum has witnessed in over ten years. 

President Cyril Ramaphosa of South Africa has extended invitations to over 60 heads of state and government for a summit starting Wednesday in Johannesburg. Several countries might receive invitations during this event to join the coalition, which currently comprises Brazil, Russia, India, China, and South Africa, according to officials acquainted with the discussions.

China and India’s clash on BRICS’ alliance

As the summit approaches, there has been a clash between New Delhi and Beijing regarding expanding the BRICS coalition. The disagreement stems from differing viewpoints on whether BRICS should function as an impartial alliance aimed at the economic interests of developing nations or as a political entity openly challenging Western powers. Individuals familiar with India and China’s stances have noted increasing tensions. South African officials have disclosed that 23 nations are interested in joining the coalition.

A Chinese official, opting to remain anonymous, remarked that if they expand BRICS to encompass a comparable share of the global GDP as the G7, the collective influence on the international stage will strengthen. In contrast, Naledi Pandor, South Africa’s foreign minister, emphasized that perceiving a potential BRICS expansion as an anti-Western move is “extremely wrong.” Nonetheless, Western capitals are likely to interpret the potential inclusion of countries like Iran, Belarus, and Venezuela as a gesture to align with associates of Russia and China.

In the race to become the coalition’s first new members since South Africa’s induction in 2010, Argentina, Saudi Arabia, and Indonesia are actively competing for the position.

Brazil’s President Luiz Inácio Lula da Silva has recently advocated for extending BRICS membership to neighboring countries such as Argentina and Venezuela, Saudi Arabia and the United Arab Emirates. In Brasília, a senior diplomat wants to establish transparent criteria for any expansion. One potential requirement could be for new members to join the New Development Bank, headquartered in Shanghai and established by the BRICS. Notably, Saudi Arabia is discussing becoming the ninth member of this multilateral financial institution.

According to the diplomat, the likelihood of all 23 countries joining simultaneously seems remote; however, they must comprehend the rationale behind the decision. This understanding would apply to the current expansion and set a precedent for future enlargements.

Those overseeing the preliminary discussions before the summit have underlined that BRICS leaders must reach a consensus on the criteria for admitting new members. Contrary to a broader agenda of advocating for a common currency, which could counteract the dominance of the US dollar, such a topic is not on the table.

BRICS members attending the upcoming summit 

Meanwhile, President Vladimir Putin will not physically join other BRICS leaders in Johannesburg. This decision will relieve Pretoria from the obligation to execute the legal mandate of arresting the Russian leader, who faces indictment by the International Criminal Court due to the conflict in Ukraine. Putin is expected to participate through a video link. Notably, as reported by the Kremlin, he engaged in a conversation with Iran’s President Ebrahim Raisi on August 17 regarding Tehran’s bid to join the BRICS.

On Monday, Xi Jinping, the President of China, is set to journey to Johannesburg for the summit and engagements with African leaders, as confirmed by China’s foreign ministry. The visit marks a rare instance of international travel for the Chinese president in 2023, with his prior overseas trip to Russia in March.

Meanwhile, rather than pushing for widespread de-dollarization, the summit may pursue an accord among BRICS members to trade using their local currencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

文章来源于互联网:China urging the BRICS coalition to evolve into a geopolitical challenger to G7

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月21日 11:04
Next 2023年8月21日 17:56

Related articles

  • Investors on edge as U.S. debt talks inch toward a deal

    TL;DR Breakdown Wall Street and European shares rose as the U.S. government approached a resolution on the debt ceiling issue. The proposed deal aims to raise the U.S.’s $31.4 trillion debt ceiling for two years, with President Joe Biden and top congressional Republican Kevin McCarthy leading the talks. MSCI world equity index, which tracks shares in 49 nations, gained 1%, boosted by stronger-than-expected U.S. consumer spending in April. In a riveting turn of events surrounding the financial landscape of the U.S., Wall Street, and European shares surged as the White House and Congressional Republicans meticulously crafted a final resolution on the looming debt ceiling debate. Markets react to the promising resolution The mounting optimism significantly affected treasury yields as investors recalibrated their expectations about the potential longevity of interest rate increases. On Friday, the MSCI World equity index, a critical gauge of shares across 49 nations, rose by 1% by midday in the Eastern Daylight Time. Despite the upward momentum, it is projected to register a weekly loss. This uptick in the global index was further bolstered by the unexpectedly…

    Article 2023年5月29日
  • Base protocol’s TVL skyrockets to over $390 million after Aerodrome launch

    TL;DR Breakdown Base Protocol’s Total Value Locked (TVL) doubled to $380 million following the launch of its new feature, Aerodrome, which has already facilitated the deployment of over 100 protocols. The surge in TVL is a significant milestone for Base Protocol, indicating a growing interest in its ecosystem. Description The Total Value Locked (TVL) of Base, a Layer 2 Ethereum network, has moved past $390  million. This dramatic increase was primarily fueled by the launch of Aerodrome, a new decentralized exchange incubated on the Base network. The development has positioned Base as a formidable player in the decentralized finance (DeFi) landscape, attracting significant attention … Read more The Total Value Locked (TVL) of Base, a Layer 2 Ethereum network, has moved past $390  million. This dramatic increase was primarily fueled by the launch of Aerodrome, a new decentralized exchange incubated on the Base network. The development has positioned Base as a formidable player in the decentralized finance (DeFi) landscape, attracting significant attention from both investors and developers. The Aerodrome effect Base’s TVL experienced a significant uptick following the introduction of…

    Article 2023年9月3日
  • Investors dive into AI research following hype surge

    TL;DR Breakdown Investors are assessing potential risks as they delve deeper into the Artificial Intelligence (AI) sector following a hype surge. Diverse sectors like IT services, consultancy, media, education are under scrutiny to evaluate AI’s potential disruption. While AI has the potential to significantly boost profitability, it also poses challenges, including the necessity to overhaul business models. AI could lead to a slowing sales growth and share price underperformance, especially where growth hinges on workforce. Description The swift embrace of generative artificial intelligence (AI) has undoubtedly caused a stir in the market this year. After the initial wave of enthusiasm, investors are becoming increasingly cognizant of the potential risks, calling for a more refined approach in the selection of stocks. Diverse industries such as IT services, consultancy, media, information, and education … Read more The swift embrace of generative artificial intelligence (AI) has undoubtedly caused a stir in the market this year. After the initial wave of enthusiasm, investors are becoming increasingly cognizant of the potential risks, calling for a more refined approach in the selection of stocks. Diverse industries…

    Article 2023年6月29日
  • North Korean hackers drain Japan of $721 million in cryptocurency: Report

    TL;DR Breakdown According to an Elliptic study, north Korean hackers reportedly stole $721 million in crypto from Japan between 2017 and 2022, contributing to 30% of global losses. Japan and Vietnam were prime targets due to weak security and thriving crypto markets, leading to significant losses like the $51.4 million from Zaif in 2018. These hacks help North Korea generate foreign currency under international sanctions, with major attacks also hitting the US and Hong Kong, causing losses of $497 million and $281 million, respectively. As cybercrime continues to threaten global security, a new wave of cyberattacks linked to North Korea has been stealing headlines, with Japan being one of the hardest hit. According to a study conducted by the U.K.-based blockchain analytics firm Elliptic, the rogue state’s hacking groups have been implicated in the theft of a staggering $721 million in cryptocurrency assets from Japan alone between 2017 and 2022. The value of the stolen digital assets from Japan amounts to approximately 30% of worldwide losses attributed to North Korean-affiliated cyberattacks. In a grim comparison, the Nikkei Asia report highlights…

    Article 2023年5月19日
  • Circle Explores Expansion Opportunities in Hong Kong’s Crypto Market

    TL;DR Breakdown Circle Internet Financial is closely watching Hong Kong’s new crypto regulations and considering expanding its operations in the region. Circle recently obtained a major payments institution license in Singapore, positioning the company to offer digital payment token services and cross-border money transfer solutions. Description Circle Internet Financial Ltd., a leading stablecoin issuer based in the United States, is closely observing the evolving crypto regulations in Hong Kong. As the region’s new crypto rules went into effect earlier this month, Circle’s CEO, Jeremy Allaire, has expressed a strong interest in the potential expansion opportunities that Hong Kong presents. While the … Read more Circle Internet Financial Ltd., a leading stablecoin issuer based in the United States, is closely observing the evolving crypto regulations in Hong Kong. As the region’s new crypto rules went into effect earlier this month, Circle’s CEO, Jeremy Allaire, has expressed a strong interest in the potential expansion opportunities that Hong Kong presents. While the United States tightens its regulatory grip, Asian markets continue to be a focal point for crypto firms, prompting Circle to explore…

    Article 2023年6月29日
TOP