United, the BRICS countries are still strong
- By Feng Xingke
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E-mail China.org.cn, July 8, 2015
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Chinese President Xi Jinping (2nd R) poses for a group photo with Russian President Vladimir Putin (1st L), Indian Prime Minister Narendra Modi (2nd L), Brazilian President Dilma Rousseff (C), and South African President Jacob Zuma during the sixth BRICS summit in Fortaleza, Brazil, July 15, 2014. [Xinhua/Lan Hongguang] |
The BRICS countries all reported slowing growth in recent years, a phenomenon that triggered international pessimism that the BRICS countries are losing their dazzle. Some even asserted that BRICS cooperation is losing its international influence and will be unlikely to continue. But such comments, many ill-intentioned, are fundamentally miscalculations of the BRICS' growth momentum as well as the trend of the world economy.
The slowdown is a hard fact for the BRICS economies. China has entered what is termed the "new normal," with a 7 percent year-on-year growth rate. Russia reported a recession due to Western sanctions and plunging crude oil prices, and the other three countries all reported similar situations.
Such slowdowns, although in part affected by complicated external factors, are more a result of the BRICS countries' economic restructuring among other internal factors.
The BRICS countries have been the community with fastest development over the past two decades. The current slowdown in their economies amounts to normal adjustments that match the economic cycles. In gearing down their economies, BRICS countries will pay more attention to the quality and benefit of growth for sustainable development.
Even so, the BRICS bloc's gross growth is still higher than developed countries, its contribution to the world economy is on a constant rise, and the BRICS still shine.
The BRICS leaders are holding their seventh summit meetings on July 8-9 in Ufa, Russia, during which leaders are expected to draw up a blueprint for BRICS cooperation in the future.
In November last year, the BRICS leaders convened in Brisbane, Australia at the G20 Summit. Chinese President Xi Jinping stressed that cooperation among the BRICS countries should be driven by the two "wheels" of economics and politics so that the BRICS can act as not only the world's economic engine, but also a shield for world peace, according to a Xinhua report. The BRICS countries should deepen coordination and cooperation in international political and security field and safeguard international justice and fairness.
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