BRICS nations promote common development, prosperity

11:17, March 28, 2011      

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The five emerging economies known as BRICS have just concluded a think tank meeting in Beijing. The theme of the symposium was development, cooperation and sharing. More than sixty policy advisors from Russia, India, Brazil, South Africa and China have gathered to make suggestions for the summit of BRICS leaders scheduled for next month in Hainan province. (Zhang Qian/People's Daily Online)

The third formal meeting of the leaders of BRICS countries is scheduled to be held in China this April. South Africa will participate the meeting for the first time. The participation of South Africa brings a representative of African countries into the fold, which gives new significance to the cooperative mechanism.

Ten years ago, when American former Goldman chief economist Jim O 'Neal put forward the term BRICS countries, someone thought that the term was only a Goldman's marketing tactic to convince customers to invest in emerging market countries. However, in the first 10 years of the new century, as the representatives of emerging market countries, the BRICS countries have played an important role that has been universally acknowledged in promoting world peace, development and prosperity.

Nowadays, the emerging market countries have become active participants instead of passive participants in the economic globalization. The development of the BRICS countries and other emerging market countries has made world economic order more reasonable and more balanced.

After the international financial crisis, the emerging economies have become the engine of the global economic recovery. Among the BRIC countries, China's economic activity accounts for nearly 10 percent of the world economy, while China's contribution to the world economy has been up to between 20 percent and 30 percent in recent years.

In addition, the strong economic development of China, Russia, India, Brazil and South Africa is not only real contribution with high returns but also gives confidence and a source of power to the fragile recovering world economy.

Development and prosperity are the common goals around which the BRICS countries unite. The BRICS cooperation mechanism does not work against any country or oppose any system.

The current world economic system is established by developed countries and gives them the leading role. As the latecomers of industrialization, the BRICS countries, like all emerging market countries, think that the existing world economic order is not fair and reasonable. It cannot adapt to changes to the world economic pattern very well but also cannot truly reflect common economic transformation needs of the emerging market countries.

However, at the same time, the BRICS countries also benefit from the existing economic order. It is this order that promotes high-speed development within BRICS countries. Because of this, the BRICS countries play constructive roles in the current world. The BRICS counties hope to reform the international economic system progressively instead of overturning it.

The focus of the world economy has gradually shifted from response and treatment of the international financial crisis to development in the post-crisis era. For emerging market countries — represented by the BRICS nations — to continue to be the engine of economic development, the current world economic system should be reformed. The status and position of the emerging market countries in the in the international division of labor should be improved, so that the aftermath of the international financial crisis can be overcome more effectively.

The BRICS leaders' meeting will continue to encourage the world economy to develop in a fair, realistic and balanced direction, and the results will pave the way for the summit of the G20 in Cannes, France.

It is also important to deepen the internal cooperation among the BRICS countries. The BRICS countries have differences in development models, economic structure, stage of industrialization as well as cultural traditions and values. They have to promote their internal coordination among different organizations as well as cooperation in micro mechanisms, trade promotion, investment promotion, development, industry, information and mechanism construction.

As a constructive force for balancing world economy, the BRICS countries will expand their cooperation in pragmatic area and continue to make a positive contribution for peace, development and prosperity of the world.

By Zhangqian, People's Daily Online

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