Under the theme of "Stronger BRICS Partnership for New International Development", the 17th Wanshou Forum hosted by the China Council for BRICS Think Tank Cooperation and Beijing's University of International Business and Economics was held on May 5 and 6. More than 100 researchers from BRICS countries and other developing nations took part in the discussion on how to deepen the BRICS partnership and promote a new type of international development.

Zhou Qiangwu, director of the Ministry of Finance's International Economics and Finance Institute, gave a speech at the opening ceremony in which he emphasized that in order to deepen international development cooperation, BRICS countries must enhance mutual trust, overcome differences and seek common ground, and safeguard the overall situation of solidarity and cooperation.

Only in this way can BRICS countries as a whole better promote new types of international development cooperation, he said, adding that the major emerging economies represented by the BRICS countries should take more responsibility for promoting international development cooperation, continuously increase the representation and discourse power of developing countries in international development cooperation, and explore new cooperation models and approaches.

The concept of building a community of shared future was written into UN Security Council resolutions after President Xi Jinping delivered a speech in Geneva. In the first session of the Wanshou Forum, researchers shared their opinions on new international development and the building of a community of shared future for mankind.

Modimowabarwa Kanyane, researcher director of the South Africa Human Science Research Council, said BRICS countries’ pursuit of building a community of shared future is crucial for shifting the bloc toward international development. While in the context of ensuring global economic security and examining problems of promoting inclusive development and mutual cooperation, growing inequality represents a great threat to sustainable and stable development worldwide and addressing this inequality is a high priority issue for all BRICS countries, he said.

Mark Entin, a professor from the Moscow State Institute of International Relations, said strengthening BRICS cooperation is the best way to react to global trade wars, protectionism, unfair competition and the general worsening of international economic and political relations.

BRICS, the New Development Bank and other BRICS mechanisms have increasingly become the most important platforms of cooperation for developing counties. Researchers shared their opinions on BRICS countries' cooperation in cybersecurity, the NDB, investment and financing mechanisms, and investment risks.

Wei Xiaoquan, general secretary of the Belt and Road PPP Development Research Center at UIBE, also said at the session that to promote pragmatic financing and investment cooperation among BRICS countries, they should establish a BRICS multilateral credit rating system, develop a BRICS bond market, deepen reform of local currency settlement and currency exchange, construct a multilateral investment and financing cooperation pattern for development financing and commercial banking, establish a sustainable investment and financing pattern within the framework of BRICS, and explore the application of the digital economy (blockchains) in investment and financing.

Scholars also shared case studies of international development and cooperation, and analyzed the impetus and obstacles in details.

Cheng Yonglin, an associate professor at the Guangdong Institute of International Strategic Studies, focused his study on overseas economic and trade cooperation zones. Taking the Ogun and Lekki free trade zones in Nigeria as examples, he analyzed the operation model of overseas trade zones established with the support of China. He suggested that Chinese investment companies should lead the upgrade of the established and establishing China-Africa industry zones and cooperate with BRICS countries to develop international industrial capacity in Africa. Parties involved should build a sound system for investment and financing in Africa with the support of the New Development Bank and Asian Infrastructure Investment Bank.

The Wanshou Forum aims to provide important intellectual support for the 2018 BRICS Summit, which will be held in South Africa. It is expected that the fruits of the forum will also contribute to the forthcoming BRICS Think Tank Council meeting and the 10th BRICS Academic Forum.