BRICS

The mechanism of dialogue and cooperation among the five major emerging market countries, China, Russia, India, Brazil and South Africa, active since the beginning of the 21st century.

In 2001, Goldman Sachs put forward the concept of "BRICS" for the first time, especially referring to the four largest emerging market countries, China, Russia, India and Brazil. The initials of these four countries are similar to the English “brick”, so they are called “BRIC”.

In 2008 and 2009, the countries concerned held a series of talks and established a summit mechanism. After South Africa joined BRICS it in 2010, with the addition of South Africa’s the “S” this cooperation mechanism was renamed as “BRICS”. The BRICS countries possess 30% of the world’s territory and 42% of the world’s population.

In 2017, the gross domestic product of the BRICS countries accounted for more than 20% of the world's total output value. In 2016, the BRICS countries accounted for four of the world's top 13 economies, namely, China, India, Brazil and Russia.

They are all important developing countries or emerging market countries, with many similarities in their social and economic development goals and similar positions on many international issues. they have common requirements for reforming the existing world political and economic system and establishing a more balanced global governance system, and each has its own advantages and strong economic complementarity. These common interests and similar positions are the centripetal factors that bring countries together. The BRICS partnership provides a valuable platform for them to exchange development experiences and solve development problems.

Following the principle of “openness and transparency, solidarity and mutual assistance, deepening cooperation and seeking common development” and the open, inclusive, cooperative and win-win spirit of the BRICS, they are committed to building a closer, more comprehensive and stronger partnership, committed to promoting the reform of the international economic and financial system. In recent years, the BRICS countries have been led by the meeting of leaders and supported by ministerial meetings such as the meeting of High Representatives for Security Affairs and the meeting of Foreign Ministers. Fruitful and practical cooperation has been carried out in the fields of economy and trade, finance, agriculture, education, health, science and technology, culture, drug control, think tanks and local governments, forming a multi-level and omni-directional cooperation structure.

These dialogues and cooperation in the BRICS mechanism not only safeguard the common interests of developing countries and emerging market countries, but also bring important development opportunities to the member countries themselves. The main achievements of the BRICS mechanism are the BRICS New Development Bank and the voting rights reform of the World Bank and the International Monetary Fund. The former was established and opened in 2015 in accordance with the decision of the BRICS summit in 2013, and is headquartered in Shanghai. The purpose of the bank is to build a common financial safety net to prevent the BRICS countries from being affected by currency instability in the next financial crisis, and to invest in infrastructure construction in the BRICS countries and other developing countries.

The latter is by far the largest power adjustment in favor of emerging markets and developing countries in the Bretton Woods system, greatly increasing the right of discourse of emerging markets and developing countries. Since the beginning of the new century, the BRICS countries have shown a strong momentum of development, their international influence is growing day by day, and they have become a veritable “sparkling BRICS” in the world development map. The total economic output value of the five countries surpassed that of the United States in 2015.

However, in recent years,given the twists and turns of economic globalization, the lingering financial crisis and the European debt crisis, the rising uncertainties of global economic recovery, and the constraints of countries' own structural problems, the BRICS countries have been hit to varying degrees, showing signs of economic growth slowing. At the same time, they also need to deal with many problems, such as the change of growth model, economic restructuring, urbanization and aging. The challenges facing Russia, Brazil and South Africa are particularly severe. Despite many challenges, the economic potential and prospects of the BRICS countries are still optimistic by the outside world, and are expected to become “an oasis” of global economic growth again and promote the global economy to move towards sustainable development. China is the largest and most competitive country among the BRICS countries, the most influential and active member of the BRICS mechanism, and the largest investor of the BRICS Development Bank. So far, two of the nine BRICS leaders' summits have been held in China. The ninth BRICS leaders’ meeting held in Xiamen in September 2017 was particularly eye-catching, which significantly enhanced the international right of discourse the BRICS countries. China's actions in the BRICS mechanism demonstrate China's responsibility as a great power and safeguard the common interests of emerging market countries and developing countries.