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BRICS economies not fading

(People's Daily Online)

15:52, December 07, 2012

The first Forum on the Economic Situations of BRICS Countries was held in Beijing on Dec. 4, and attended by about 200 diplomats, officials, experts, scholars, and entrepreneurs from 26 countries and regions. They had an in-depth discussion of the economic situations and prospects of BRICS countries (Brazil, Russia, India, China, and South Africa) as well as of practical ways to deepen the economic and trade cooperation among BRICS countries.

BRICS economies to move forward amid turbulence

Although more and more people believe that BRICS economies are fading, both officials and scholars at the forum remain confident about the future of BRICS countries despite a general economic slowdown in these countries.

"BRICS economies have been on a downward trend for some time, and are close to bottoming out according to the current economic situation," said Gao Peiyong, director of the National Academy of Economic Strategy under the Chinese Academy of Social Sciences. BRICS economies will continue to move forward amid turbulence in 2013.

"There has been a general economic slowdown in emerging market countries, including BRICS countries, since the beginning of the year. This reflects a more adverse external environment and the decreasing effects of previous economic stimulus policies. The economic slowdown in emerging market countries is just a short-term phenomenon, and they still enjoy great growth room in the long run," said Xu Rujun, president of the Economic Daily.

Jim O'Neill, chairman of Goldman Sachs Asset Management who coined the term "BRIC," said he did not think anyone should exaggerate the importance of European and U.S. problems driving the environment of BRICs countries. "They should be perfectly capable of driving their own growth rates. Indeed, even with these rates I forecast, by 2014, they might become collectively bigger than the United States," O'Neill said.

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Read the Chinese version: “金砖”国家并未褪色

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