BRICS expected to offer new solutions to global development

Updated 2017-09-03 17:30:50 Xinhua

The BRICS bloc, which made its debut on the international stage 10 years ago amid economic boom of developing countries, has grown into a highly influential group and become a key force in boosting economic growth, global governance and world peace and stability.[Special Coverage]

With BRICS entering its second decade, against a backdrop of sluggish global economic recovery and setbacks in globalization, world's countries are now anticipating BRICS to inject fresh impetus into the economic globalization, as the bloc of leading economies have joined hands not only to make themselves stronger , but also to contribute to development around the world.

It is expected that the ongoing 9th BRICS summit in Xiamen, China, under the theme "BRICS: Stronger Partnership for a Brighter Future," will be a new historical starting point for BRICS to stride forward for their fresh development, and to take the lead in improving global governance and making more contributions to the world economic growth.

BRICS COOPERATION DRIVES GLOBAL REFORM

To realize common aims and maintain shared interests, BRICS countries have showed solidarity, which not only helps safeguard stability and development of the BRICS five themselves, but also promote the building of a more just and reasonable world order.

The BRICS New Development Bank (NDB), the first multilateral financial institution set up by emerging countries, officially opened in Shanghai in July 2015, is a pragmatic decision made by BRICS countries to drive economic growth and implement South-South cooperation, and a substantial measure to promote international financial system reform and improve global governance.

The bank has so far approved more than 10 infrastructure and sustainable development projects in several countries. It is expected that about 10 to 15 loan programs will be approved this year, with the total sum between 2.5 billion to 3 billion U.S. dollars.

Marina Larionova, head of the National Research University Higher School of Economics' International Organizations Research Institute in Moscow, said the NDB is an example of improving global governance, which not only promotes cooperation among BRICS countries and the establishment of new financial rules and norms, but also has profound influence on the evolvement of multilateral development banking systems.

Nowadays, facing challenges in economy and security, such as de-globalization and terrorism, the BRICS countries need to stay united so as to enhance their influence on global issues and offer more solutions.

As Chinese President Xi Jinping said "The BRICS cooperation is an innovation, which transcends the old pattern of political and military alliance and pursues partnerships rather than alliances."

"The BRICS mechanism surpasses the old mindset of zero-sum game and practices a new concept of mutual benefit and win-win cooperation," he said.

CHINESE ACTION CHARTS FUTURE

As a member of BRICS, China has always been making joint efforts with other members to deepen pragmatic cooperation and realize mutual benefit and win-win results. The country has also been active putting forward proposals and solutions within the BRICS framework.

At previous summits, Xi has proposed several initiatives that have won strong supports from participating leaders.

In 2013, Xi urged facilitation of an integrated market in trade, multi-level liquidity in finance, overarching interconnections by air, land and sea in infrastructure, and people-to-people and cultural exchanges.

In 2014, Xi for the first time explicitly urged member countries to forge an open, inclusive, cooperative and win-win spirit and to establish a closer, more comprehensive and solid partnership.

This year is the first year of the BRICS' second "Golden Decade," it is expected that the Xiamen summit will navigate the BRICS future, in the meanwhile China, as the host country, will contribute its wisdom and solutions.

BRICS Plus, an innovative mode contributed by China, is one of them. It aims to forge the most influential platform of South-South cooperation, provides a new approach for BRICS countries to further tap trade and investment potentials and establish broader partnership featured mutual benefits.

As Xi said when meeting senior representatives on security issues from BRICS countries in July, "as long as we follow the BRICS spirit of openness, inclusiveness, cooperation and win-win results, and work together to build closer BRICS partnership, we will surely have the second golden decade for BRICS cooperation."

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