Tapping the market between BRICS countries
- By Li Shen
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E-mail China.org.cn, November 4, 2013
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Li Daokui, director of the Center for China in the World Economy at Tsinghua University delivers a keynote speech at the 2nd Economic and Financial Forum of BRICS Countries held on Oct. 31 in Beijing. [Photo by Pei Xiaoge/ce.cn] |
![Li Daokui, director of the Center for China in the World Economy at Tsinghua University delivers a keynote speech at the 2nd Economic and Financial Forum of BRICS Countries held on Oct. 31 in Beijing. [Photo by Pei Xiaoge/ce.cn]](http://images.china.cn/attachement/jpg/site1007/20131104/001ec949c22b13e1520c04.jpg "Li Daokui, director of the Center for China in the World Economy at Tsinghua University delivers a keynote speech at the 2nd Economic and Financial Forum of BRICS Countries held on Oct. 31 in Beijing. [Photo by Pei Xiaoge/ce.cn]")
According to Li Daokui, director of the Center for China in the World Economy at Tsinghua University, BRICS countries face two common problems: inflation, deficits and welfare subsidies, which have slowed domestic economic growth, and the difficult relationship between the government and the economy. Internationally, the irrational international financial system where dollar's influence has overpowered its actual strength has resulted in fluctuations in emerging markets.
To address the first question, he suggested BRICS countries enhance exchange and cooperation on economic reforms and policy coordination. As for the second one, he suggested BRICS countries nurture their own treasury bonds markets and encourage domestic financial institutes to invest in others' treasury bonds markets. By doing so, the BRICS countries will ease their dependence to the dollar and strengthen their power in international financial markets, giving them a greater say in the International Monetary Fund and World Bank.
More than 150 officials, academics and diplomats from Brazil, Russia, India, China and South Africa attended the forum, which was sponsored by Economic Daily and www.ce.cn.
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