Beijing has confirmed that Chinese President Xi Jinping will arrive in India for a two-day visit starting Saturday for the 18th BRICS Summit to be held in Delhi. Political analysts see the visit as a strategic event that significantly raises the importance of the BRICS Summit.
But there is also considerable focus on why Xi, who skipped last year’s BRICS Summit in Brazil, opted to attend the one in Delhi, despite most experts ruling out any breakthrough in Sino-Indian relations due to the serious "trust deficit" between the two countries.
Experts in China believe Xi's series of overseas trips, including the one to India, is an attempt to bolster his position for the Xi-Trump summit at the end of the month. They believe the consecutive visits are intended to accumulate bargaining chips, including in areas such as energy, infrastructure, and diplomacy, when Xi meets Trump.
Second, China also sees the BRICS Summit as a venue to promote common development and international governance reform in the Global South, specifically mentioning issues such as the reform of the International Monetary Fund (IMF) and World Bank governance structures. These issues are related to global multipolarity, and if the leaders of India and China speak in unison on this issue, it could be interpreted as a joint effort to contain the United States.
Third, BRICS could also witness talks about a direct settlement solution between countries that excludes the US dollar. India has been promoting central bank digital currencies (CBDCs) to facilitate cross-border payments. This is undoubtedly a positive opportunity for China, which is promoting the expansion of the digital yuan. However, India is cautious about a China-centric financial order and prefers a connection of payment systems rather than a common currency alternative.
Lo Siu-hing, honorary professor of the Department of Politics and Public Administration at the University of Hong Kong, told Chinese state-backed media that Xi's frequent overseas visits prove that China plays a very important role in developing countries.
“China adheres to multilateralism, emphasises anti-hegemony, and the visits will definitely strengthen its bargaining power with the United States when it sees Iran as a new member of BRICS," he added.
Fourth, many believe that China and India are facing the same challenges and hence it was imperative for the President to put aside some historical differences and look to the future to solve problems.
