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BRICS economies are not fading (3)

(People's Daily Online)

16:03, December 07, 2012

Jointly building a new international order

Since the global financial crisis in 2008, Brazil, Russia, India, China, and South Africa -- known as the BRICS countries, have been showing strong anti-crisis capacity.

The contribution rate of BRICS countries to the world economy had exceeded 60 percent in 2010, with China accounting for 30 percent, which is a witness of the rise of BRICS countries and indicates the urgency and importance of reforming the governance mechanism of international economy.

"The BRICS countries should have more representative rights and voices in international economic affairs," which is the consensus of all parties.

"At present, the meeting mechanism of leaders of the BRICS countries is very sound and high-level officials have reached an agreement to promote the common development of the BRICS members," Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation, said.

"The BRICS countries have common interests in many international affairs and large space for cooperation in terms of investment, trade, industry, energy, finance and infrastructure."

"The common goal of emerging economies including BRICS countries is to build a more compatible international order. In the process, emerging economies must prevent from the excessive precautions of developed countries about their vested interests," said Yao Zhizhong, assistant director of Institute of World Economics and Politics under Chinese Academy of Social Sciences and executive director of BRICS countries research base.

Yao thought that the BRICS countries must strengthen cooperation to prevent from the excessive precautions of developed countries.

"The world has entered an integrated era and one of its characteristics is that the economic growth rate of poor countries is generally higher than that of rich ones. It is a diversified era and the phenomenon of polarization will not occur. Meanwhile, the interdependency of global economy is also increasing and no countries can achieve a high-speed development without other countries," Yao said.

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