Baker
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Sauce: https://www.fmprc.gov.cn/mfa_eng/zxxx_662805/t1580853.shtml
Excerpts:
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We advocate for a strong Global Financial Safety Net with an adequately resourced, quota-based International Monetary Fund (IMF) at its centre. To this effect, we reaffirm our commitment to conclude the IMF's 15th General Review of Quotas, including a new quota formula while protecting the voice of the poorest countries by the 2019 Spring Meetings and no later than the 2019 Annual Meetings. Governance reform of the IMF should strengthen the voice and representation of the poorest members of the IMF, including Sub-Saharan Africa.
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We note with satisfaction the progress achieved on establishing the BRICS Local Currency Bond Fund, and look forward to starting its operation.
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Infrastructure, investment and international development assistance projects are the bedrock for sustainable economic development and growth; boosting productivity and enhancing integration. We stress the significance of infrastructure development and integration to foster closer economic ties.
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We underscore the role that Multilateral Development Banks (MDBs), in particular, the New Development Bank (NDB), are playing in catalysing private sector financing for public infrastructure and investment.
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We draw satisfaction from the progress made by the NDB in providing resources to contribute to the social, economic and environmental prospects of our countries and expect the Project Preparation Fund to be put into operation soon. We welcome the upcoming establishment of the Americas Regional Office in Sao Paulo, Brazil, which, alongside the Africa Regional Centre, will help the NDB consolidate its presence in those continents. We note the NDB's Board of Governors' discussions on Innovative Approaches for Development Finance at its 3rd Annual Meeting on 28-29 May in Shanghai, China, that deliberated on the NDB's future development in the changing global environment.
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We stress the importance of enhancing BRICS financial cooperation to better serve the real economy and meet the development needs of BRICS countries… and to ensure greater communication and cooperation between financial sector regulators. We will continue to enhance currency cooperation, consistent with each central bank's legal mandate… We will also further expand green financing, so as to promote sustainable development in BRICS countries.
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We reaffirm our commitment to support international cooperation in combating illicit financial flows, including cooperation within Financial Actions Task Force (FATF) and World Customs Organisation. In this regard, we underscore the importance of increasing mutual exchanges and data sharing. We emphasise the importance of upholding and supporting the objectives of FATF and to intensify our cooperation to implement and improve its Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation in FATF.
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Corruption remains a global challenge with long-lasting impact,…. Subject to our domestic legal systems we will cooperate in anti-corruption law enforcement, extradition of fugitives, economic and corruption offenders and repatriation in matters relating to assets recovery and other related criminal and non-criminal matters involving corruption and call on the International community to deny safe haven to corrupt persons and proceeds of corruption. We regard experience sharing and exchange as key to …
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… in implementing the Strategic Framework of BRICS Customs Cooperation, a… including mutual recognition of controls and economic operators. In this regard, we further welcome the BRICS Customs Action Plan, … and call for enhanced intra-BRICS cooperation and at relevant multilateral fora, including in trade facilitation, law enforcement, use of advanced information technologies and capacity building.
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We acknowledge the continued support provided by the BRICS Revenue Authorities for all the international initiatives towards reaching a globally fair and universally transparent tax system. We will continue our commitment to deal with the implications of the digital economy and, within that context, to ensure the fairness of the international tax system particularly towards the prevention of base erosion and shifting of profits, exchange of tax information, both on request and automatically, and needs-based capacity building for developing countries…
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We acknowledge the 8th World Water Forum held in Brasilia, the world's major water-related event, held in the Southern Hemisphere for the first time, which contributed to establishing water as a priority at the global level.
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