Chinese ​Leader Xi Jinping unveiled on Sunday initiatives in areas ranging from AI to trade to deepen cooperation among the “Greater ‌BRICS” emerging economies, reports Reuters. This comes as Beijing seeks to weld the grouping into a practical platform for Global South development.

Cooperation in areas from politics and security to economics and finance are the main focus areas of the grouping, with 2026 chair India and 2027 chair China seeking wider partnership to boost the organization’s ​global clout. The success of the “Greater BRICS Initiative” depends on laying a solid foundation for pragmatic cooperation, Xi told the leaders’ ​annual summit in New Delhi.

‘Greater BRICS’ nations should further co-operate, maintain ⁠the stability of industrial and supply chains and cultivate an integrated market, Xi told the summit’s closing session. China will take the ​lead in establishing a BRICS AI Open-Source Zone to promote cooperation on large language models, AI training and an open AI ecosystem, ​Xi added. He also proposed a BRICS Special Economic Zone partnership and said China would host a BRICS Service Trade Forum next year to boost trade and investment ties.

China has rejected US allegations of “aggressive, malicious” AI distillation as groundless, warning that it would retaliate if Washington used the claims as a pretext to contain the country’s rapidly advancing artificial intelligence sector, reports the South China Morning Post.

China’s Ministry of Commerce said that US allegations of Chinese AI companies copying American models “on an industrial scale” lacked factual and legal grounds, accusing Washington of using the allegations to assert technological dominance, monopolise computing power and suppress competition.

The response came after the US government on Tuesday accused six Chinese companies–including DeepSeek–of conducting “aggressive, malicious and targeted” distillation of advanced American models on an industrial scale, allegedly with the Chinese government’s awareness.

Lululemon shares dropped nearly 20% after the apparel maker reported declining second-quarter revenue and profit, reports Caixin. The drop was attributed to an abrupt sales reversal in China as well as persistent weakness across North America.

For the quarter ended in July, revenue fell 5% year-on-year on a constant-currency basis to $2.42 billion, while net income declined 11.3% to $329 million. Total comparable sales dropped 10%. On the Chinese mainland, revenue slid 2% and comparable sales fell 8%, marking a sharp retreat from the 23% revenue surge recorded in the first quarter.

Interim co-chief executive and chief financial officer Meghan Frank said the quarterly revenue shortfall stemmed primarily from the China market, where negative social-media sentiment hurt store traffic and lukewarm product launches slowed momentum. Chief commercial officer Andre Maestrini attributed the online backlash to a late-May yoga campaign at the Great Wall. The event sparked public scrutiny after brand ambassador Zhu Yilong played a ceremonial drum that critics and traditional musicians identified as a Japanese taiko drum rather than a Chinese instrument.

Chinese Leader Xi Jinping is preparing a large business delegation to accompany him on his visit to Washington, reports Reuters citing inside sources. The move comes despite US scepticism towards Chinese investment and Beijing’s strained ties with private enterprise.

Xi rarely travels abroad with corporate executives, many of whom fell out ‌of favour after Beijing’s regulatory crackdowns on the technology, education and property sectors that began in 2020. Reuters could not determine which executives would join the delegation.

The move is aimed in part at signalling China’s willingness to support investment and commercial ties with ​the US, while offering the White House some potential economic wins ahead of midterm elections, one of the sources familiar with discussions said.

China has fired back at critics of its trade imbalances at a Group of 20 gathering, reports the South China Morning Post. The rebuttal comes from the central bank, which denied that Beijing deliberately pursues trade surpluses, while also vowing that it would not weaponize the yuan to boost exports.

In the face of concerns over export reliance, People’s Bank of China governor Pan Gongsheng said the country remained committed to expanding domestic demand. “Addressing global imbalances requires all countries to promote their own structural reforms,” Pan was quoted as saying during the two-day G20 meeting of finance ministers and central bank governors.

Pan’s remarks came amid renewed scrutiny over China’s trade surplus, which hit a record $1.2 trillion last year. Speaking publicly after the G20 meeting, US Treasury Secretary Scott Bessent called China’s current account surplus “unsustainable” and cited opposition from Beijing as the reason the group failed to issue a unanimous statement.