Opportunities, challenges in BRIC countries

By Ma Yujia
0 CommentsPrint E-mail China.org.cn, March 25, 2011
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With more cooperation and quick economic growth, BRIC countries will make full use of their advantages after the financial crisis to gain seats in the future political and economic structure of the world, a Chinese scholar on international affairs said Tuesday.

The following is a summary of a speech given by Liu Youfa, vice director of the Chinese Institute of International Studies, at the BRIC Think Tank Symposium in Beijing.

"After the crisis, emerging economies will become the driving force of the global economic recovery instead of the western developed countries.

"BRIC countries have a comparative advantage in development patterns. In the era following the financial crisis, leaders lay emphasis on transforming the mode of economic development and adjusting their economic structures, by which these countries can take the opportunities to improve their competitiveness and promote economic recovery.

"BRIC countries have a significant advantage in terms of economic sizes, resources, markets and capital factors. BRIC nations account for more than 20 percent of the world's overall GDP and 15 percent of the world's trade volume. They can utilize these advantages in economic sizes to maintain the current fast growth rate.

"They have vast territory and abundant resources that provide a comprehensive energy supply and space to achieve sustainable development. Strong economic growth since 2001 has increased disposable incomes, creating a large middle class and forming a huge consumer market in BRIC nations.

"All BRIC countries have accumulated great levels of foreign exchange reserves, totaling about 60 percent of the world's volume. And each nation has in various degrees accelerated their investment abroad.

"National unity, political stability, sound infrastructure, mutual cooperation within the BRIC organization and good relationships with other countries or economies provide a stable and mature environment both domestically and internationally for BRIC countries to develop their economies.

"However we should clearly realize that although the BRIC nations have played a more significant role in international affairs, there still are lots of challenges that need to be resolved.

"BRIC countries should work together to face several common challenges.

"The top priority is to establish a more perfect, formal cooperation mechanism to give full play to the BRIC organization and enhance the economic and social development of members.

"The other issue is to change economic growth mode from extensive to intensive."

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