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BRICS countries to lay solid foundation for co-op

By Zhong Sheng  (People's Daily)

08:06, March 31, 2012

Edited and translated by People's Daily Online

The fourth BRICS summit, attended by the leaders of Brazil, Russia, India, China, and South Africa, is catching the world’s attention. Under the theme of “BRICS Partnership for Global Stability, Security and Prosperity,” the summit will boost people’s confidence in the global economic recovery, provide the impetus for strengthening global economic governance, and promote global common development.

The BRICS summit mechanism was born at a time when a large number of emerging markets and developing countries started developing rapidly and outpacing developed economies. The leaders of BRICS countries have met annually since 2009 to participate in global economic governance in a more active manner.

Rapidly growing emerging markets and developing countries are changing the global economic landscape. The existing international monetary and financial system, trade and investment system, and economic policy coordination system should be adjusted to adapt to such change and to properly reflect the interests of emerging markets and developing countries, which will help ensure a balanced and prosperous world economy.

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