SHANGHAI — BRICS will continue to be a growth engine of the world economy despite difficulties and challenges, Finance Minister Xiao Jie said on June 19.

“We firmly believe the economic condition of BRICS will be better under our joint effort,” said Xiao in an interview on the sidelines of the BRICS Finance Ministers and Central Bank Governors Meeting.

Slower-than-expected global economic recovery, policy uncertainties in developed countries, de-globalization and world protectionism composed a complex economic environment for BRICS, Xiao said.

BRICS is experiencing a shift in gears after years of robust economic development and needs to develop new economic growth points via in-depth structural adjustment, he said.

BRICS should create new economic growth models, promote structural reform and seek new growth momentum, while strengthening policy coordination and enhance cooperation, Xiao said.

Xiao highlighted the fruitful results of the meeting, saying that BRICS finance ministers and central bank governors agreed to enhance macroeconomic policy coordination, combat protectionism and deepen cooperation under the financial and monetary channels of the G20.

All sides agreed to make full use of the platform of the New Development Bank, promote international tax cooperation and set up cooperation on public-private partnerships, Xiao added.