Xi Jinping speaks at the BRICS Summit
China's President Xi Jinping speaks at the BRICS Summit in Johannesburg, South Africa, July 25, 2018.REUTERS/Mike Hutchings

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

Addressing the business forum on Wednesday 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 the 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 logo
A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018.REUTERS/Siphiwe Sibeko

BRICS gathers the world's major emerging economies -- Brazil, Russia, India, China and South Africa. This year's meeting is being held in Johannesburg, South Africa, with the theme- 'BRICS in Africa: collaboration for inclusive growth and shared prosperity in the 4th Industrial Revolution'.

Prime Minister Narendra Modi is scheduled to speak at the summit later on Thursday, concluding his three-nation tour of Africa. Apart from promoting his 'Make in India' vision, the Prime Minister is expected to address the gathering on the common issues of terrorism and trade wars.