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00:00[CC may contain inaccuracies] We also had heard about global economic pain from Chinese President Xi Jinping. He criticized sanctions for stoking those pains in a speech kicking off this year's BRICS summit. Take a listen. Two years after me politicizing instrumental izing and weaponized the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting one's self leaving people around the world suffering. President Xi also looking to bolster relations with emerging markets amid strained Western ties. For more let's bring in Bloomberg's Greater China senior executive editor John New. John this is a really interesting grouping right. I mean we call them BRICS because they're emerging economies. But at the same time geopolitically speaking and how they're aligned especially with India being a close ally to the US what sort of message was President Xi trying to send. I think China sees geopolitics no matter where it is around the world. The lens of Beijing Visa V Washington and I think with the invasion of Ukraine Xi Jinping is using this opportunity to speak to this audience in the emerging markets which maybe didn't have that much skin in the game when it came to the Ukraine but is now feeling the repercussions of not only the sanctions but of higher commodity prices higher food prices as a result of that invasion and trying to speak to that audience and trying to gather some support for China's position which is sort of diplomatically supporting Russia but also trying to put much of the blame for the conflict on the US when it comes to NATO expansion in Eastern Europe. John we know that there are expectations for a C and cold sometime perhaps this summer. Are the tariffs on China likely to be reviewed at this point. I mean all the noise that we're hearing out of Washington at the moment is that yes they will be reviewed and then very likely some portion of those terrorists will be removed in a way that will help the US in terms of inflation but then leave. President Biden some room politically domestically as we come to the mid-term. That should be a point of discussion when the two leaders meet. Obviously China would like to see those tariffs lowered especially with the economy as weak as it is right now. Let's talk a little bit about the economy because it seems China wants to continue to ease up on regulations especially around the fintech sector as well. What do we know. So Xi Jinping in addition to the BRICS summit yesterday also spoke at a meeting of the commission to deepen reform. And there he talked about sort of supporting the platform economies which is sort of a way of talking about big tech. It obviously companies like Alibaba companies like Tesla have really suffered from this crackdown in terms of anti-competitive behaviour and other regulatory things. But they are really large important employers. And as the economy slows as jobs become scarcer China needs those companies to step up and to help with that employment situation.

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China's Xi Slams Sanctions for ‘Weaponizing’ World Economy at BRICS

Chinese President Xi Jinping criticized sanctions for stoking global economic pain at the start of this year's BRICS summit held online. Separately, Xi chaired a meeting Wednesday that approved promoting the “healthy” development of the payment and fintech sectors. John Liu reports on Bloomberg Television. (Source: Bloomberg)

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