Red BRICS: “International Financial System Must Be Reformed”
Of the five countries listed below, four, Brazil, South Africa, Russia and China are led by current, or former communists – in the case of Brazil’s Dilma Rousseff and South Africa’s Jacob Zuma, former communist terrorists.
From Cuba’s Prensa Latina.
Beijing, Apr. 14 China repeated its call for reform of the international financial and monetary system, with better representation of emerging economies and developing countries.
Fair, inclusive, and well-managed systems must be established to support global economic development, President Hu Jintao sid during a summit meeting of the BRICS bloc in Sanya, on the southern island of Hainan.
The meeting included the leaders of the other member countries of BRICS: Brazil, Dilma Rousseff; South Africa, Jacob Zuma; Russia, Dmitry Medvedev; and India, Prime Minister Manmohan Singh.
Hu rejected protectionism and advocated a just and equitable trade system.
The world crisis has led to many discussions on economic imbalance worldwide, he noted, saying that the worst imbalance is the difference in development between the North and the South.
Moreover, the inadequate development of poor countries is the worst global economic problem, he said.
Just what kind of “fair, inclusive, and well-managed systems” could Hu Jintao have in mind?
How does he plan to address the “difference in development between the North and the South”?
Anything we might possibly be concerned about?