7/29/2019 Becoming Brics
1/314 BEIJING REVIEW APRIL 14, 2011 http://www.bjreview.com
WORLD
By XING GUANGCHENG
In 2001, Jim ONeill,Chairman of GoldmanSachs Asset Manage-ment,
introduced the
world to the idea of BRICcountriesBrazil, Russia,India and
China, countries
that were attracting international attention fortheir amazing
economic development. Thefour emerging economies openly
embracedONeills idea and began their summit meet-ing in 2009.
Today, the concept has become anew platform for international
communicationand has added a new member, South Africa,to become
BRICS.
The Third BRICS Summit will beheld on April 14 in Sanya, Chinas
HainanProvince. Chinese President Hu Jintao willhost the summit
with top leaders from Brazil,Russia, India and South Africa in
attendance.
A multilateral relationshipBRICS may not be a formal
international
organization, but an increasing number of countries have
expressed their expectationsfor BRICS countries to assist with
therecovery of the global economy. After the
nancial crisis in 2008, existing internationaleconomic and
financial orders, controlledlargely by Western countries,
showedtheir shortcomings. Now, the internationalcommunity calls for
global collective
nancial governance.Besides, fighting the recession in the
crisis aftermath became a task muchbigger than the Group of
Eight (G8) majorindustrialized countries could handle on theirown.
Developing countries, such as Chinaand Brazil, took the lead in
coping with therecession and revitalizing global
economicdevelopment, showing the significant roleemerging economies
can and will play inthe world. BRICS members also benefitedfrom
dialogue and cooperation during therecovery. Their deepening
coordination andcooperation enhanced their ability to resistand
recover from the nancial crisis.
Foreign ministers from BRIC countriesheld their first meeting in
Yekaterinburg,
Russia in May 2008. Six months later, theirfinance ministers met
in Sao Paulo, Brazil.In June 2009, the First BRIC Summit washeld in
Yekaterinburg, Russia. During theSecond BRIC Summit in April 2010
inBrasilia, Brazil, leaders of the four countriessigned a document
on banking cooperation.Implementation of the milestone
documentmarked a big step forward for BRIC countriesin establishing
a multilateral relationship.
BRICS strengthBRICS countries account for 30 percent
of the worlds territory and 42 percent itspopulation. In 2010,
their aggregate GDPwas 18 percent of the worlds total, whiletheir
total trade volume accounted for 15percent of the global trade.
Developed countries, the World Bank andthe IMF need to pay more
attention to BRICSbecause of their rapid development andgrowing
role in the international system. Therise of BRICS proves the
worlds economiccenter is moving to the East and the Southfollowing
the global nancial crisis.
BRICS focuses on discussing internationalfinancial supervision
and global governancereforms. The group does not intend to
challengethe Western world. But it seeks to upholdemerging
economies interests and aspirationsin the international economic
system.
The changing terms of G7, G8, G8 PlusFive and G20, and calls for
a G2 betweenthe United State and China, re ect two
cleartendencies.
The first is the political and economicinfluence of developing
countries andemerging economies is increasing in theglobal
community. To adapt to their growingin uence, existing
international political andeconomic orders need to be improved.
The second one is Chinas enhancedpolitical and economic
position. Its GDPexceeded Japans in 2010, making Chinathe worlds
second largest economy.China is playing a more important role
inglobal political and economic affairs. It isgaining a bigger say
in various internationalorganizations and initiatives, both
long-standing and newly established ones.
Becoming BRICSAdding South Africa to its ranks makes BRICS even
more representative of globalemerging and developing economies
The author is a research fellow with the ChineseAcademy of
Social Sciences
CLEAN ENERGY COOPERATION: Visitors check out Chinese solar
panels on display ata new energy exhibition in South Africas
Johannesburg on March 1
7/29/2019 Becoming Brics
2/3http://www.bjreview.com APRIL 14, 2011 BEIJING REVIEW 15
Shared interestsChina and India are in Asia; Russia spans
Europe and Asia; Brazil is in South America;and South Africa is
in Africa. The attractionof BRICS is not their locations, spread
outover much of the globe, but their commongoal of improving
economic cooperation.
With South Africa attending the upcomingsummit in Sanya, BRIC
will formally becomeBRICS. Covering a larger geographic area,the
group will play a more representativeand in uential role on the
world stage. Now,BRICS is not only a concept but an
activeinternational presence that emphasizeseconomic growth rather
than military clout.Vigorously developing emerging markets
willimprove BRICS countries economic strengthand potential.
The participation of South Africa means
the BRICS group is more geographicallyrepresentativeits now more
globallyinf luent ia l , embodying i t s idea l o f democratization
of global governance andmulti-polarization. Some critics say
SouthAfrica is not qualified to be a member due
to its weaker economic strength. However,its participation is of
great geopoliticalsignificance to both the other four nationsand
South Africa itself.
South Africa has developed rapidlyin recent years. It is the
biggest economyin Africa with numerous ports and amplemineral
resources. The country is alsoconsidered as an example of
Africaseconomic development. Through cooperationwith South Africa,
China, Russia, Brazil andIndia will be able to trade with and
invest onthe African continent more ef ciently.
South Africas entry will also assist withthe organizations
development and improveits international cooperation. Now,
withmembers from Asia, Europe, Americas andAfrica, BRICS has truly
become a globaleconomic club.
While boosting its global profile,BRICS should explore new
concepts fordevelopment. Inclusiveness, cooperation,dialogue and
win-win results should beshared concepts of BRICS members.
While facing common problems indevelopment, the five members
have greatcultural and political differences. This requiresthe
countries to respect each others culturaltraditions and political
systems and focus oneconomic cooperation. In this way, they canalso
make greater contributions to building anew international economic
order. n
(Source: Chinas Ministry of Foreign Affairs and National Bureau
of Statistics )
BRICS NationsCountry Area (million square km) Capital Population
Trade volume ($) GDP ($)
Brazil 8.515 Brasilia 191 million 383.5 billion (2010) 2.02
trillion (2010)
Russia 17.075 Moscow 141.9 million 469 billion (2009) 1.3
trillion (2009)
India 2.98 New Delhi 1.21 billion 458.23 billion 1.007
trillion(April 2010-January 2011) (2010-11 scal year)
China 9.6 Beijing 1.34 billion 2.97 trillion (2010) 6.04
trillion (2010)
South Africa 1.219 Pretoria 49.32 million 127.25 billion (2009)
313.3 billion (2009)
ECONOMICSTRENGTH:Participantspose before ameeting of BRICfinance
ministersand central bankgovernors inLondon onSeptember 4,2009
Z E N
G Y I
