BRIC countries strive for common development and prosperity

Mar 25, 2011 12:00 AM

The third formal meeting of the leaders of the BRIC countries (Brazil, Russia, India and China) will be held this April in China, and South Africa will participate in the meeting for the first time.
As the only representative of African countries in the BRIC cooperation, South Africa's participation has given this cooperation mechanism new topics for discussion.

When Jim O’Neill, the former chief economist of Goldman Sachs Group, put forward the concept of BRIC 10 years ago, many people had believed it to be a kind of marketing tool for Goldman Sachs to refer to emerging market countries. However, as the representative of emerging market countries, the BRIC mechanism has played an important role in promoting world peace, development and prosperity in the first decade of the 21st century and has attracted worldwide attention.
Nowadays, emerging market countries have transformed from passive to active participants in economic globalization. The development of emerging economies, such as the BRIC countries, has made the world economic order more rational and more balanced.

Emerging economies have taken on a leading role in the global economic recovery after the international financial crisis. The size of the Chinese economy now accounts for nearly 10 % of the world economy. However, China's contribution to the growth of the world economy reached 20 % to 30 % in recent years. The strong economic development of China, Russia, India, Brazil and South Africa is both contributing and the source of confidence and motivation for the recovery of the world economy.
Development and prosperity is the common purpose of BRIC countries. The BRIC cooperation mechanism is not directed against any country or any system.

Developed countries mainly established the existing world economic system and as latecomers to industrialization, BRIC countries hold the same belief as all other emerging economies that the current world economic order is unfair and unreasonable. The reason is that it can neither adapt to the changing global economic structure nor satisfy emerging markets' common needs of economic transformation.
However, it is under the current world economic system that BRIC countries have grown rapidly and made constructive contributions to the world development. Given the benefits they have enjoyed, BRIC nations prefer gradual reform of the current economic system to complete abandonment.

The world has shifted its attention from coping with the global financial crisis to achieving better development in the post-crisis era. To continue to act as the locomotive in the world economic development, the BRICs and other emerging economies must reform the existing world economic system and strive for a greater say in shaping the international division of labour. The BRIC summit will be a big step toward a fairer and more balanced world economic order.
Furthermore, the summit is also aimed at promoting internal cooperation among member states. BRIC countries vary considerably in their development pattern, economic structure, industrialization stage, cultural traditions and values, so the internal cooperation in trade, investment, scientific research, information technology and other fields still needs to be enhanced.

In the future, BRIC countries will continue to expand industrial cooperation and make contributions to world peace, prosperity and development.


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