China still committed to BRICS
September 5, 2016 Category G20, Weekly
The BRICS nations (Brazil, Russia, India, China and South Africa) held a meeting ahead of the G20 Summit, as China is still trying to breathe life into BRICS to promote developing nations. President Xi Jinping has called on BRICS nations to “play a bigger role in international affairs and governance”. The five BRICS nations should also work to “oppose all kinds of protectionism and exclusionism” and to safeguard the multilateral trade system, Xi said. He also called for efforts by members of the emerging-market bloc to drive the BRICS New Development Bank to implement the first batch of projects and boost the bank’s management level and financing capabilities. China regards the BRICS as a club that can counter the power of rich countries like the U.S., Japan, Germany and Britain. “A developing country like China alone is unable to change the long-existing international governance structure, unless it joins forces with other developing countries to challenge the West-dominated institutions,” said Professor Oliver Rui from the China Europe International Business School in Shanghai. China is the dominant force in the BRICS as its economy is bigger than the four other members combined. The BRICS countries share few political, economic, social and even foreign policy interests except for shared unhappiness about the domination of global governance by the West. The BRICS will hold its 8th annual summit in Goa, India, next month, the South China Morning Post reports.
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