BRICS to build fairer global sys­tem

BRICS co­op­er­a­tion is not in­tended to ri­val cur­rent sys­tem, but rather aims to seek ef­fec­tive co­op­er­a­tion with the de­vel­oped coun­tries.

China Daily (USA) - - VIEW -

Pres­i­dent Xi Jin­ping will at­tend the eighth meet­ing of BRICS lead­ers in Goa, In­dia, from Oct 15 to 16. This will be their first meet­ing after their in­for­mal gath­er­ing at the G20 Sum­mit in­Hangzhou, East China’s Zhe­jiang prov­ince, in early Septem­ber, and it is a meet­ing that is of prac­ti­cal im­por­tance.

The co­op­er­a­tion of the BRICS mem­bers in­ten­si­fied after the on­set of the in­ter­na­tional fi­nan­cial cri­sis in 2008. In re­sponse to the cri­sis, the BRICS states strength­ened their bi­lat­eral and mul­ti­lat­eral eco­nomic and trade co­op­er­a­tion, and they have con­tin­ued to deepen their co­op­er­a­tion since.

The col­lec­tive rise of emerg­ing economies and the com­par­a­tive fall of the de­vel­oped economies con­sti­tute one of the most im­por­tant phe­nom­ena of in­ter­na­tional politics in the early 21st cen­tury.

The BRICS mem­bers boast ad­van­tages in scale with re­gard to their ter­ri­to­rial ar­eas, pop­u­la­tions and re­sources. They ac­count for 30 per­cent of the world’s land, 43 per­cent of the global pop­u­la­tion, 21 per­cent of the world’s gross do­mes­tic prod­uct and 40 per­cent of global for­eign ex­change.

The BRICS states are all big coun­tries in their re­spec­tive re­gions and have cor­re­spond­ingly large says and in­flu­ence in re­gional af­fairs.

The co­op­er­a­tion of the BRICS coun­tries is of prac­ti­cal mean­ing to pro­tect and en­hance the in­ter­ests of emerg­ing economies and de­vel­op­ing coun­tries.

With the BRICS mem­bers as rep­re­sen­ta­tives, the emerg­ing mar­ket coun­tries and de­vel­op­ing coun­tries have seen marked and rapid in­creases in their in­ter­na­tional in­flu­ence.

And with a com­bined pop­u­la­tion of about 3 bil­lion peo­ple, the rise of the BRICS coun­tries is re­lated to the fate of the whole world and hu­man­ity. The five coun­tries are ex­pected to play ac­tive and con­struc­tive roles in set­ting the global de­vel­op­ment agenda, cli­mate change ne­go­ti­a­tions, re­form of the In­ter­na­tional Mon­e­tary Fund, and other global top­ics.

Be­cause the BRICS coun­tries are all ma­jor mem­bers of the Unit­edNa­tions— China and Rus­sia are both per­ma­nent mem­bers of theUNSe­cu­rity Coun­cil— and co­op­er­a­tive rep­re­sen­ta­tives of de­vel­op­ing and de­vel­oped coun­tries in G20, the BRICS mem­bers bridge the dif­fer­ent camps among coun­tries.

The­World Bank, In­ter­na­tional Mon­e­tary Fund and the other re­gional fi­nan­cial or­ga­ni­za­tions, such as de­vel­op­ment banks in Asia and Africa, are ac­tu­ally con­trolled byWestern coun­tries, with theUnited States dom­i­nant. The es­tab­lish­ment of theNewDevel­op­ment Bank of BRICS is there­fore sig­nif­i­cant for es­tab­lish­ing a fairer in­ter­na­tional fi­nan­cial struc­ture.

The New De­vel­op­ment Bank is an in­ter­na­tional fi­nan­cial agency that the BRICS states fund and man­age them­selves. This is an im­por­tant break­through in the global fi­nan­cial sys­tem, one that is pro­mot­ing trans­for­ma­tion of the in­ter­na­tional fi­nan­cial or­der, and one that can en­hance de­vel­op­ing coun­tries’ sta­tus and voice in the in­ter­na­tional fi­nan­cial governance.

The bank can help solve the BRICS coun­tries’ shortage of medium- and short-term fund­ing, boost their in­fra­struc­ture con­struc­tion and eco­nomic growth, and re­duce their ex­cess reliance on theUS dol­lar, euro and yen.

China plays a spe­cial and con­struc­tive role in the co­op­er­a­tion among the BRICS coun­tries. It is also an ac­tive ad­vo­cate and sup­porter of South-South co­op­er­a­tion, and co­op­er­at­ing with de­vel­op­ing coun­tries is an im­por­tant part of China’s open­ing-up strat­egy.

The co­op­er­a­tion mech­a­nism of BRICS pro­vides an ef­fec­tive way to pro­mote South-South co­op­er­a­tion. China’s co­op­er­a­tion with the other BRICS mem­bers is con­ducive to break­ingWestern coun­tries’ trade pro­tec­tion­ism and strength­en­ing their co­or­di­na­tion on ac­tions to ad­dress cli­mate change, pre­vent the pro­lif­er­a­tion of nu­clear weapons and the fight against ter­ror­ism, as well as many other global is­sues.

BRICS co­op­er­a­tion is not in­tended to ri­val cur­rent sys­tem, but rather aims to seek ef­fec­tive co­op­er­a­tion with the de­vel­oped coun­tries. The essence of the BRICS’ co­op­er­a­tion spirit is open­ness and in­clu­sive­ness. The au­thor is vice-pres­i­dent of China For­eign Af­fairs Univer­sity.

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