Time for capacity cooperation

(R-L) India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, Russia's President Vladimir Putin, China's President Xi Jinping and South Africa's President Jacob Zuma sit around a table during an informal dinner for the leaders of BRICS countries in Ufa, Russia, July 8, 2015. [Photo/Agencies]

BRICS countries should advance cooperation in innovation and production capacity based on their respective advantages and potential to strengthen their competitiveness, and China is willing to continuously deepen cooperation with the other members in this area, President Xi Jinping said at the recent BRICS summit in Ufa, Russia.

Xi's remarks once again demonstrate China's sincerity and policy preference for international capacity cooperation.

The increased uncertainty and unstable factors after the global financial crisis have partily caused the economic slowdowns in emerging markets and developing countries. Such a situation has underscored the need for broader production capacity cooperation. In its latest world economic forecast, the International Monetary Fund has lowered world economic growth in 2015 by 0.2 percentage points to 3.3 percent, the lowest since the financial crisis. Thus, practical and effective international production capacity cooperation, as a way to support the development of the real economy, will help free both developed and emerging economies from the aftereffects of the financial crisis and regain economic momentum.

Quite a few countries have a huge demand for equipment for their infrastructure construction. As the largest developing country that has set up a multi-layered manufacturing sector, China can provide the equipment they badly need at a price they can afford.

Whether as a new driver of economic growth or facilitating the completion of the long-term industrialization, emerging markets and developing countries can benefit a lot from international capacity cooperation.

At a time when developing countries undergoing economic structural adjustments are eager to upgrade their manufacturing, accelerate infrastructure construction and acquire a seat in the global value chain, conducting capacity cooperation with China will help them fulfill their goals. At the same time, expanded international capacity cooperation is also expected to improve the global industrial pattern and boost the global economic recovery.

The above is an abridgement of a People's Daily article published on Tuesday.