Senior research fellow with Center for China and Globalization

In recent years, Russ i a , Brazil and South Africa suffered economic setbacks and the rhetoric of a “fading” BRICS appeared in Western media. But the development momentum of BRICS countries remains and economic slowdown is only temporary.

However, BRICS countries should seize the opportunity presented by the new industrial revolution to promote growth and change growth models through innovation. We should pursue innovation-driven development brought about by smart manufacturing, the “Internet plus” model, the digital economy and the sharing economy. BRICS countries should also coordinate their macroeconomic policies to help foster brighter prospects for their economies.

In a world with emerging trends toward anti-globalization and protectionism, the five countries should work together to safeguard globalization and the global multilateral trade system.

BRICS nations should move further forward to work out a new path of globalization with developing and developed countries, a globalization that is inclusive, gives consideration to both efficiency and fairness, and helps narrow income gaps within national borders and beyond.

To achieve this, BRICS cooperation requires timely expansion to the BRICS Plus cooperation approach. BRICS should attract more emerging economies and developing countries, meet their interests and needs and upgrade itself into a new world-level platform for global economic governance.