BRICS can be new global growth engine

Source:Global Times Published: 2017/8/30 22:38:40

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 influence 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 financial 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 differences do exist among the five 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 differences, 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 influence 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.

Posted in: EDITORIAL

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