Time for capacity cooperation

BRICS countries should advance cooperation in innovation and production capacity based on their respective advantages and potential to strengthen their competitiveness, and China is willing to continuously deepen cooperation with the other members in this area, President Xi Jinping said at the recent BRICS summit in Ufa, Russia.

Xi's remarks once again demonstrate China's sincerity and policy preference for international capacity cooperation.

The increased uncertainty and unstable factors after the global financial crisis have partily caused the economic slowdowns in emerging markets and developing countries. Such a situation has underscored the need for broader production capacity cooperation. In its latest world economic forecast, the International Monetary Fund has lowered world economic growth in 2015 by 0.2 percentage points to 3.3 percent, the lowest since the financial crisis. Thus, practical and effective international production capacity cooperation, as a way to support the development of the real economy, will help free both developed and emerging economies from the aftereffects of the financial crisis and regain economic momentum.