China Hosts BRICS Meeting Amid Rising Economic Concerns

Chinese President Xi Jinping on Thursday is hosting a virtual summit with the leaders of Brazil, Russia, India and South Africa collectively known as the “BRICS,” amid rising concerns over the global economic outlook.

While no agenda has been issued for the talks, Ukraine is likely to feature heavily in the background. China has stayed neutral on Russia’s attack on Ukraine. India has bought large amounts of Russian oil at a heavy discount, and South Africa abstained on a United Nations vote condemning Russia’s actions.

Along with Xi, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, South African President Cyril Ramaphosa and Brazilian President Jair Bolsonaro are scheduled to join the two days of discussions.

China has sought to use the BRICS meetings to further its vision of an alliance to counter the U.S.-led liberal democratic world order while expanding its economic and political footprint.

In an address to the BRICS Economic Summit on Wednesday, Xi said the conflict in Ukraine has “sounded an alarm for humanity,” continuing its formal position of neutrality while backing its ally Russia.

Xi said imposing sanctions could act as a “boomerang” and a “double-edged sword,” and that the global community would suffer from “politicizing, mechanizing and weaponizing” global economic trends and financial flows.

“Economic globalization is an objective requirement for the development of productive forces and an irresistible historical trend,” Xi said.

In a recorded video, Bolsonaro made no mention of any country and said that “the current international context is a cause for concern because of the risks to trade and investment flows to the stability of energy supply chains and investment.”

“Brazil’s response to these challenges is not to close itself off. On the contrary, we have sought to deepen our economic integration,” he added.

The BRICS collective was founded in 2009 when the countries were seen as the potential engine for future global economic growth.