Will China add the brilliance of “gold bricks” of the BRICS

Beijing — In anticipation of the 9th summit of BRICS, which will be held in September in Xiamen /Fujian province, southeastern China, the world craves to know if this event is to give new Shine to emerging markets and developing countries against the background of slow recovery of the global economy and failures that sustain globalization.

The upcoming summit will be held under the theme “BRICS: an enhanced partnership for a bright future”. It will be attended by the leaders of the States, which passed 40% of the world population and 25% of global GDP.

The acronym “BRIC” was first proposed by Goldman Sachs analyst Jim O’neill in 2001, and meant the group of four countries consisting of Brazil, Russia, India and China — four emerging markets with rapid growth and huge potential.

In 2006, in new York, a meeting of the foreign Ministers of these countries, which marked the official beginning of the formation of the BRIC group. Join the Union of South Africa in 2010 has transformed the acronym “BRICS”.

It is fair to say that China has always had high hopes on BRICS in the development of emerging markets, which have a lot in common.

The name BRICS in the Chinese language, consisting of four kanji, literally meaning “country gold bricks”, gives confidence in the future.

This belief stems from real growth.

Created at the height of the global financial crisis, the group managed to exceed the wildest expectations of O’neill.

Together the five BRICS countries over the past ten years has made a 50 percent contribution to global growth, and membership in the Union of South Africa increased its political weight in the representation of the countries with the emerging market in the international arena.

It really was the “Golden decade”.

However, the path has not been smooth, especially given the desperate attempts of the world to cope with the growing gap in development in the conditions of escalating protectionism.

We must not forget that unlike China and India, whose economic growth this year is expected to amount to about 6.5 and 7.2%, respectively, Russia, Brazil and South Africa, with its resource-dependent economic structure continues to be trying to get out of the recession engulfed them.

To facilitate the implementation of projects in the field of financial infrastructure and sustainable development in BRICS countries and other countries with emerging economies and developing countries China in 2014, she co-founded the New development Bank of BRICS with headquarters in Shanghai.

The Bank, officially launched in 2016, the same year, approved credits for the provision of financial assistance to projects in the field of green and renewable energy and transport for the sum more than 1.5 billion U.S. dollars.

At the same time, China is committed to developing, not only within BRICS, but also across the world in 2013 promoting the initiative “Belt and road”.

The initiative, named after the historical silk road, is designed to strengthen interconnection between countries along the ancient trade routes and beyond, by the formation of new areas of international cooperation.

Most of the countries involved in the “Belt and road”, are developing and need to improve economic performance and regional economic integration.

The initiative, which is a perfect example of the willingness of China to share his wisdom and solution to the problems of global growth and control, received wide support from the BRICS countries.

Such an inclusive platform as “Belt and road” and the New BRICS development Bank will surely allow China to add luster “gold bricks” of the BRICS to create a new platform for cooperation the South-South.