SCIO briefing on BRICS opportunities, challenges and prospects

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SCIO briefing on BRICS opportunities, challenges and prospects

Speakers:
Zhang Yansheng, chief research fellow of the China Center for International Economic Exchanges
Zhang Jianping, deputy director of Academic Steering Committee, Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce

Chairperson:
Xi Yanchun, vice director-general of the Press Bureau, State Council Information Office

Date:
August 28, 2017

Associated Press:

BRICS refers to five of the fast-growing emerging economies. However, now the situation is changing. Brazil, Russia and South Africa are facing some economic issues, while something is wrong with the relationship between China and India. My question focuses on these problems. Is the present concept of BRICS still workable? Can it still bring some achievements? Thanks.

Zhang Yansheng:

Just now, I mentioned the BRICS mechanism has been operating for 10 years. What does that mean? We can make comparisons between various mechanisms such as the G7, G8 and the Non-Aligned Movement. We know that these mechanisms have a history of several decades, or even a hundred years. So, for the BRICS mechanism, 10 years means it's still at an early stage of development. And at different stages, it needs to address different problems. Indeed, Russia, Brazil and South Africa are now faced with structural contradictions during their economic development. There is an important mechanism within BRICS that we need to explore so as to find a way for cooperative development for emerging economies and developing countries. The economies of Russia, Brazil and South Africa greatly depend on staple commodities and energy resources. Hence, BRICS cooperation aims to solve structural contradictions in economic development and achieve the diversity of economic structures. That's what we call "the Dutch disease" in economics -- focus on development of, say, natural gas actually causes a country's economic decline. We need to address this important issue and cure "the Dutch disease."

Besides, China and India are two major developing countries of a diversified economic structure. They need to rise from being a low-income country to a middle-income one, and then move further to become a high-income nation. There are traps everywhere. China and India need to overcome the low-income and middle-income traps. That's the second important issue the BRICS cooperation mechanism needs to address.

The third one is that, in addition to economic development, China and India are facing some problems and contradictions along their border. The BRICS mechanism needs to work out the way to maintain world peace while promoting economic development and cooperation. We should reach a consensus and establish an action plan within the BRICS mechanism to make clear what principles and measures we should take to deal with the various contradictions, conflicts and problems that emerge.

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