Chinese President Xi Jinping has said BRICS countries should pursue win-win cooperation to build an open economy.

Share Market Live

NSE

Addressing a business forum on Wednesday here at the 10th BRICS summit scheduled from July 25-27, the Chinese President said different countries can achieve mutual benefit, shared prosperity and sustainable development only by opening themselves up, Xinhua news agency reported.

Openness and cooperation are the sure way to achieve progress in science and technology and growth of productivity, he said.

Xi called on BRICS countries to firmly promote an open world economy, be resolute in rejecting unilateralism and protectionism, promote trade and investment liberalisation and facilitation, and jointly steer the global economy toward greater openness, inclusiveness, balanced growth and win-win outcomes for all.

"We should ensure that economic globalisation will deliver more benefits," he said.

He also called on BRICS countries to help emerging markets and developing countries, African countries and the least developed countries in particular, fully involve themselves in international division of labour and share in the benefits of economic globalization.

The Chinese President added that a trade war should be rejected, because there will be no winner, and that economic hegemony is even more objectionable as it will undermine the collective interests of the international community.

"Those who pursue this course will only end up hurting themselves," he said.

BRICS gathers the world's major emerging economies -- Brazil, Russia, India, China and South Africa.