BRICS can be new global growth en­gine

Global Times - - Editorial -

The BRICS sum­mit will be held in Xi­a­men, East China’s Fu­jian Prov­ince next week. The meet­ing holds par­tic­u­lar im­por­tance as to whether this mech­a­nism rep­re­sent­ing de­vel­op­ing coun­tries can be­come key to pro­mot­ing glob­al­iza­tion and win de­vel­op­ing coun­tries more dis­course power in global gov­er­nance.

The global pat­tern is chang­ing. De­vel­oped coun­tries have seen the ris­ing infl uence of emerg­ing economies. But the world is far from be­ing equal. The ma­jor­ity of core re­sources in global gov­er­nance is con­trolled by de­vel­oped coun­tries.

Newly emerg­ing mar­kets are thriv­ing. If the West­ern- con­trolled global opin­ion sphere is un­friendly and the US- led in­ter­na­tional fi nan­cial sys­tem does not sup­port their ad­vance­ment, these newly emerg­ing mar­kets will face higher costs if they are to de­velop fur­ther.

The “BRIC” con­cept was coined by Gold­man Sachs econ­o­mist Jim O’Neil, but West­ern opin­ion holds a neg­a­tive view of it.

That BRICS na­tions have lost growth mo­men­tum is a pop­u­lar view in the West, rep­re­sent­ing the wishes of some West­ern elites who want to con­sol­i­date the cen­tral sta­tus of the West.

Any emerg­ing power alone can­not with­stand the mount­ing pres­sure from the West. Emerg­ing coun­tries need to co­op­er­ate and co­or­di­nate to push the in­ter­na­tional or­der to be­come more eq­ui­table.

In this re­gard, emerg­ing coun­tries have more com­mon in­ter­ests than their di­ver­gences. That is why the BRICS mech­a­nism has a promis­ing fu­ture.

Ma­jor diff er­ences do ex­ist among the fi ve BRICS mem­ber coun­tries. Their com­mon in­ter­ests have been chal­lenged by their com­pe­ti­tion, which can be ex­ploited by those who have ul­te­rior mo­tives.

But the cur­rent sta­tus of in­ter­na­tional re­la­tions goes be­yond geopol­i­tics. De­spite their mul­ti­ple diff er­ences, the big­gest in­ter­est of BRICS coun­tries lies in de­vel­op­ment. But these coun­tries have been con­strained by some un­rea­son­able facets of the ex­ist­ing in­ter­na­tional or­der.

The BRICS mech­a­nism shows that de­vel­op­ing na­tions are aware of their com­mon in­ter­ests. That they can unify to seek com­mon in­ter­ests in this glob­al­ized era has be­come pos­si­ble.

De­vel­oped coun­tries own more re­sources and are highly co­or­di­nated. If each of the newly emerg­ing coun­tries stands on its own feet, their infl uence will re­main weak in global com­pe­ti­tion.

If we com­pare the world to a me­trop­o­lis, de­vel­oped coun­tries are like the old down­town.

If newly emerg­ing coun­tries can co­or­di­nate well, they can build a new city cen­ter that can com­pete with the pre­vi­ous one.

Com­pared with the “West,” the term “BRICS” is less known. But per­haps it will be­come a new blue­print for hu­man de­vel­op­ment.

A slug­gish global econ­omy has af­fected BRICS coun­tries. But these coun­tries boast enor­mous po­ten­tials given their large pop­u­la­tion, land area and nat­u­ral re­sources.

So far, BRICS has added mo­men­tum to each mem­ber state. In fu­ture, it should serve as a plat­form where newly emerg­ing coun­tries can main­tain and ex­pand their in­ter­ests.

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