Beijing: Taking a direct hit at United States Chinese President Xi Jinping criticized the politicization of global economy to ‘turn it into one’s tool or weapon’. He said ‘sanctions are a boomerang and a double-edged sword’.
Xi made these comments while delivering his keynote speech at the opening ceremony of the BRICS Business Forum in Beijing.
“It has been proved time and again that sanctions are a boomerang and a double-edged sword. To politicize the global economy and turn it into one’s tool or weapon, and willfully 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 noted.
The direct criticism of US and some Western countries comes in the backdrop of, what analysts claim ‘instigating problems between Russia and Ukraine via NATO expansion and forced or threatened other countries to join their sanctions against Russia after the crisis.’
The Global Times reported that BRICS members are expressing unity between emerging economies to withstand the pressure and act independently to safeguard their shared interests of cooperation and development.
“The Ukraine crisis is another wake-up call for all in the world. It reminds us that blind faith in the so-called ‘position of strength’ and attempts to expand military alliances and seek one’s own security at the expense of others will only land oneself in a security dilemma,” Xi said.
In his speech Russian premier Vladmir Putin said that more and more politically motivated sanctions are continuously introduced.
“..mechanisms of exerting pressure on competitors are further strengthened. There is intentional destruction of cooperation ties; transport and logistics chains are destroyed. And all this is contrary to common sense and basic economic logic, it undermines business interests on a global scale, negatively affecting the wellbeing of people, in effect, of all countries.”
Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa and Brazilian President Jair Bolsonaro attended the opening ceremony and delivered speeches virtually on Wednesday, while the offline ceremony was held at Beijing Diaoyutai State Guest House.