Dean of Emerging Markets Institute, Beijing Normal University

President Xi proposed that the five BRICS countries should pool their experience of cooperation and unite to contribute their wisdom to global governance and the settling of the world’s problems.

Today’s world maintains order and attains development under the governance of major Western countries since WWII. Great progress was made in almost every aspect, but many new problems started to appear, such as terrorism, trade protectionism and threats to Internet security. The world requires new forces to tackle them together, as we are in a great era of development, transformation and adjustment.

BRICS countries can contribute to global governance in at least three aspects. First, some basic principles of BRICS can be referred to in reform or reconstruction of the world governance system. Second, BRICS nations’ experiences could help enhance inclusive cooperation between different countries and regions to achieve common development, reduce social injustice, and enable every individual to benefit from development. Third, carry out pragmatic cooperation and facilitation of projects based on economic cooperation.

In the perspective of global financial governance, the BRICS New Development Bank, established in 2015 and beginning operations the same year, marks an important change in the global financial landscape. It provides direct financial support for the development of BRICS members and other developing countries, assisting in their infrastructure improvement.