Zhao Huanyu,

researcher of Ghent University’s Institute for International Studies in Belgium

1First and foremost, all the BRICS countries must strongly commit to resisting all forms of protectionism and disguised restrictions on trade. Moreover, they must seek a favorable environment for the development of other emerging markets and developing countries — hanging together with them to foster better macroeconomic policy coordination, support a rules-based, transparent, nondiscriminatory, open and inclusive multilateral trading system, implement existing WTO rules and commitments. Also, they must collaborate with advanced economies and the international community to fight poverty, social exclusion and inequality.

2The key role for BRICS is to increase the supply capacity of global public goods — be a global economy stabilizer, booster, and accelerator. In an era of uncertainty, world peace and stability are prerequisites to a sustainable global economic recovery. Therefore, BRICS must be a “stabilizer” for committing to international law and maintaining the core status of the UN to advance the political solution of hot spot issues. Furthermore, to be a real “booster” is to be a learning and sharing platform — the BRICS Plus model of open economic cooperation.

3BRICS needs to continue pushing forward reform of the Bretton Woods institutions to increase the voice and representation of developing markets in global economic governance — to urge the IMF to complete the 15th general review of quotas, expand and strengthen the role of special drawing rights and facilitate the World Bank voting share review. It needs to make better use of the New Development Bank and the Contingent Reserve Arrangement.

4Given the complex, contested and connected world situation, BRICS nations can strengthen their partnership in many fields, including economy, finance, foreign policy, health, education, energy, climate change and agriculture.

5For robust and sustainable development in the long run, China has been working hard on an innovation-and efficiency-driven economy by 1) pushing forward structural reform and implementing innovation-friendly policies; 2) supporting investment for science, technology, innovation and seeking possibilities of inter-BRICS investment instruments, such as the National Development Banks and other existing financing platforms; 3) supporting cross-border cooperation between science, technology and innovation talent, especially young scientists and young entrepreneurs, and fostering industry-academia-research synergy; 4) promoting exchanges and good practices under the rubric of the Belt and Road Initiative, enhancing mutual understanding, inclusive growth and socioeconomic progress driven by scientific, technological and social innovation for more countries and people.