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People's Daily Online>>Opinion

Gold content of BRICS countries

By Zhong Sheng (People's Daily)

16:22, March 19, 2012

Edited and translated by People's Daily Online

The fourth meeting of leaders of the five BRICS countries of China, Russia, India, Brazil and South Africa will be held in New Delhi, India at the end of March, and the topics of the meeting have become focal points of international media once again.

Nowadays, all international activities, including dealing with the financial crisis, promoting the reform the international financial organizations, coping with the climate change and solving the international food issue, cannot go without the participation of the BRICS countries. Regarding the BRICS phenomenon, we could observe it in following three aspects.

First, we should regard the developments of the BRICS countries in a historical view. The rapid developments of the BRICS countries just started in the last decade and are closely associated with the in-depth development of the globalization and the fact that emerging market countries have been actively adjusting their development strategies and integrating into the global economic system.

After the financial crisis broke out in 2008, the BRICS countries have further strengthened their momentums of rising up in the international economic layout and turned into an important engine driving the global economy to recover and grow.

Meanwhile, the developments of the BRICS countries are still in the stage of quantitative change accumulation and the further developments of the countries will still face many bottlenecks and challenges, such as the change of the growth mode, economic transformation, limits from resources and environment, too rapid urbanization and aging of population. If they cannot cope with them properly, they may fall into the "middle income trap" or "transformation trap" and their rapid growth momentums may come to an end.

Second, we should regard the developments of the BRICS countries in a dialectic view. We should see both the rapidly-growing economic aggregates of these countries and the relatively low per capita incomes of these countries.

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