Xi says sanctions are a boomerang

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Chinese President Xi Jinping, hosting the virtual opening ceremony of the BRICS (Brazil, Russia, India, China and South Africa) Business Forum 2022, on Wednesday (22), said the major developed countries should adopt responsible economic policies and avoid negative policy spillovers that may have a significant negative impact on developing countries.

BRICS countries represent 41 per cent of the world’s population, 26 per cent of the planet’s land mass across four of the continents, 25 per cent of global GDP, and 20 per cent of world trade.

Speaking under the title ‘Keep Abreast of the Trend of the Times to Shape a Bright Future,’ Xi said it has been proved time and again that sanctions are a boomerang and a double-edged sword and to politicise the global economy and turn it into one’s tool or weapon, and wilfully impose sanctions by using one’s primary position in the international financial and monetary systems will only end up hurting one’s own interests as well as those of others, and inflict suffering on everyone. 

Xi added that the world is facing drastic changes and a pandemic, both unseen in a century. Various security challenges keep emerging. “The world economy still faces strong headwinds on its path toward recovery, and global development has suffered major setbacks. Where is the world headed: Peace or war? Progress or regression? Openness or isolation? Cooperation or confrontation? These are choices of the times that we are confronted with,” he added.

“We should stand high and not allow ourselves to be distracted by fleeting clouds, and we should have a keen appreciation of the law governing the advance of history. We should refuse to be led astray by any turn of events or intimidated by any risk. We should rise to challenges and forge ahead with resolve toward the goal of building a community with a shared future for mankind,” he underlined.

As an ancient Chinese saying goes, “Constant piling up of earth makes Mount Tai great, ceaseless inflow of rivers makes the ocean deep.” Inclusiveness, shared benefits and win-win outcomes is what we should pursue. We should stay committed to openness and inclusiveness, eliminate all barriers to the development of productivity, and steer globalisation in the right direction. This will boost the free flow of capital and technology, unleash the full potential of innovation and creativity, and foster synergy in boosting global economic growth. We should uphold the WTO-centred multilateral trading system, remove barriers to trade, investment and technology, and keep the global economy open. We should promote extensive consultation and joint contribution to deliver shared benefits, enhance global economic governance, and increase the representation and say of emerging markets and developing countries.

He said this year his Communist Party of China will convene its 20th National Congress, which will chart the course for the next phase of China’s development.

At the Forum, Russian President Vladimir Putin said “Negotiations are underway to open Indian chain stores in Russia.”

By Sulochana Ramiah Mohan