The Second BRICS Finance Ministers and Central Bank Governors Meeting under the Chinese Presidency was held via video link on June 6, 2022. Liu Kun, China’ Minister of Finance, and Yi Gang, Governor of the People’s Bank of China, co-chaired the meeting. Focusing on “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”, the theme for the 14th BRICS Summit, the meeting participants discussed issues such as macroeconomic outlook and policy coordination, New Development Bank (NDB), infrastructure investment and BRICS Think Tank Network for Finance. This is the last Finance Ministers and Central Bank Governors Meeting in the run-up to the 14th BRICS Summit. Consensus was reached at the meeting on the deliverables of BRICS financial cooperation for 2022.

The meeting endorsed the BRICS Finance Ministers and Central Bank Governors’ Joint Statement (hereinafter referred to as “Joint Statement”), speaking with one voice on strengthening BRICS countries’ cooperation on macroeconomic outlook and policies, global issues and finance. The Joint Statement expressed concerns about risks of global economic disruption and financial fragmentation, and stressed that the global financial system should be used for the benefit of all countries. The Joint Statement welcomed the actions to accelerate the progress towards achieving the 2030 Agenda for Sustainable Development to achieve stronger, greener and more balanced global development. The meeting provided political support and policy guidance for the NDB, giving impetus to the NDB to further play its role as a platform in safeguarding solidarity and promoting financial cooperation among BRICS countries. The meeting also endorsed the Technical Report on Public Private Partnerships (PPPs) for Sustainable Development and welcomed the exchange and sharing of good practices and experiences among BRICS countries in infrastructure investment and PPPs. The meeting announced the establishment of the BRICS Think Tank Network for Finance, which would facilitate research cooperation among think tanks in the finance area among BRICS countries.

Liu stressed that, with the protracted COVID-19 pandemic, sluggish global economic recovery, complex and severe international situation, and global development suffering from disruptions, BRICS countries, as a positive, inspiring and constructive force in the international community, should strengthen solidarity and cooperation and deepen communication and coordination, so as to jointly safeguard people’s lives and health, promote stable recovery of the global economy, maintain the sound operation of the international economic and financial system and improve the global economic governance system and rules.

Liu pointed out that during the Chinese Presidency this year, BRICS countries, through strengthened communication and cooperation, have produced a host of important agreements and outcomes on finance, successfully reaching the major targets set at the beginning of this year for financial cooperation. The outcomes indicate that BRICS financial cooperation have been taken forward. China is willing to work with other members towards a deeper and richer cooperation over finance and elevate it to a new level.

Meeting participants stressed that BRICS financial cooperation should be further strengthened to boost economic recovery and sustainable development of BRICS countries and the world at large, and to improve global economic governance. They appreciated the important leading role of the Chinese Presidency in financial cooperation among BRICS countries this year. They also supported the deliverables and initiatives proposed by the Chinese Presidency, and expressed their willingness to continue to make positive contributions to the success of the 14th BRICS Summit.

(Source: Ministry of Finance of the People's Republic of China)