ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperChina / BusinessHot IssuesGovernmentSocietyInnovationEducationCover StoryPeoplePhotosBRICS leaders look for stronger unionBy Andrew Moody (China Daily Europe) Updated:2016-10-16 14:05Comments Print Mail Large Medium SmallStruggling economies of some members put pressure on groupThe leaders of the leading emerging nations need to demonstrate the BRICS organization still matters when it meets for its eighth summit in Goa, India, on Oct 15, experts say.The two-day meeting takes place against the backdrop of uncertainty surrounding some of the economies within the bloc.High on the agenda will be institutional reform so its members, Brazil, India, Russia, South Africa and China, can work more effectively together to deliver results. 
Martin Jacques says China remains committed to the developing world rather than focusing all its interest on the West. Zhang Wei / China Daily
 The summit, which President Xi Jinping will attend, and which will have a lotus flower in the color of each of its members flag as its emblem, will have a five-pronged approach to build a more coherent organization, which will include integration, innovation and exploring synergies among existing mechanisms.Jeremy Stevens, chief China economist at Standard Bank, Africas largest bank, says such issues remain important for such a young organization. It was in effect founded only seven years ago.”I expect them to focus on issues such as institutional underpinning and collaboration generally such as people-to-people exchanges and learning from one another,” he says. “One area where they might want to cooperate more is infrastructure construction.”Gideon Rachman, chief foreign affairs commentator and author of Easternization, which examines the rise of Eastern countries, says there remains a big question about how BRICS hangs together as a political grouping.”It started out as an economic proposition and has mutated into something more political. I am not sure if it still makes sense as a geopolitical proposition. What is actually meant to unite them? They are all big emerging markets, apart from South Africa, but that is about it.”My guess is that in 20 years time we will have forgotten all about BRICS, but I could be wrong.”BRICS, a term first used by former Goldman Sachs chairman Jim ONeill in 2001, formally became an official grouping when the countries held their first summit in Yekaterinberg, Russia, in 2009.The founding countries, Brazil, Russia, India and China, were joined by South Africa, which, although much smaller than the others, was seen as a proxy member for the African continent.Since the last summit in Russia in July last year, the organization has set up the New Development Bank and launched a 3 billion yuan ($447 million; 401 million euros; 364 million pounds) green financial bond.But with the Chinese economy slowing and the Russian and Brazilian economies hit hard by the slump in commodity prices, the organization may have lost some of its original gloss.Martin Jacques, author of When China Rules the World and a visiting professor at the Institute of Modern International Relations at Tsinghua University, believes China remains committed to the organization, despite the suggestion it is looking more to Western countries such as Germany and the UK to build economic and commercial ties.”Chinas fundamental orientation is to the developing world, and I think you can see this by looking at its overall foreign policy and the arguments it makes about reform of the International Monetary Fund and the World Bank. Unlike BRICS, these Washington-based institutions dont reflect the developing world.”Despite the recent economic difficulties of some of its members, some 3 billion people, or 43 percent of the global population, live in BRICS countries and the bloc makes up 20 percent of global GDP.”The reality is that the BRICS economies matter more and more every year,” Stevens of Standard Bank says. “These countries are reshaping global trade and investment in a profound way. The growing size of their economies and their huge populations are producing a huge structural transformation.”Some argue that the biggest BRICS initiative has been overshadowed by China setting up its Asia Infrastructure Investment bank this year, which has more development capital than the World Bank, and its Belt and Road Initiative.”It might have slightly overshadowed what BRICS is doing, but I think China sees the organization as one of its major networks and it wont abandon it,” Jacques says. “When China does something it sticks to it.”In BRICS, Chinas economy is the biggest, five times larger than that of the next biggest, India.Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley in New York and author of The Rise and Fall of Nations, believes this remains a fault line.”China is really far above any BRICS nation. This and the changing general sentiment about emerging markets is also not good for the organization,” he says.Windsor Chan, strategy consultant for Asia practice at law firm Hogan Lovells in Johannesburg, insists, however, that China playing a major part in BRICS gives it its strength.”It is certainly very important for South Africa. BRICS as with the Forum on China-Africa Cooperation is seen as a way of engaging with China and facilitating investment and trade with Africa generally.” views of Harbin through the lensTibetans take train home after pilgrimage or travellingWorlds largest shaftless Ferris wheel built in ChinaAncient cities to be connected by Xian-Chengdu high-speed railwaySnow turns Harbin into winter wonderlandReed Catkin Festival held in WuhanSocietyPoliticsHot TopicsScience/TechBusinessCover StoryFTZ simplifies process to launch businessesJapan can offer experience, expat saysApplication for work streamlinedAwareness of law aids resolutionAir Force units explore new airspaceLow wages and lack of respect responsible for kindergarten abuse, experts sayLiu heralds UK partnership in education and researchAgency ensuring natural gas supplyUN envoys trip to DPRK praised by BeijingChina moves to secure natural gas supply amid rising winter demandXi asks China, Canada to work for substantial tiesCooperation necessary for success, leaders sayLiving in space: How astronauts train, eat and workTeachers excused for lunchtime drinksWaiting for Shenzhou XICancer agent found in 44 cities drinking waterAt Ikea eatery, its no pay, no stayChina lose 2-0 to Uzbekistan in World Cup qualifier, coach Gao resignsC919 gains another 55 orders, lifting total orders to 785Services offset dip in manufacturingFintech to energize real economy, cut risksChinas Long March rockets complete 60 commercial launchesEngineers achieve breakthroughChina-made components add securityOnline shopping rings up customer complaintsImport expo to focus on advanced techSME mobile market platform receives first clientsChina top importer of US soybeansAir China opens direct route from Beijing to BarcelonaInsurance-based trust launchedDandelion helping to sow the seeds of stability for membersCover storyVisa change may boost tourism to USThe wrong side of the roadBuilding ban begins to biteVillagers call on Japan to atone for massacreMost ViewedTodays Top NewsXi praises Cambodia royalty for cultivating friendshipLi cites innovation in visits to high-tech firmsOverseas studies pay offXi: China backs stability and growth in CambodiaLi vows anew to ease market accessXi: China backs stability and growth in CambodiaHopes rise as visit by Duterte setXi stresses CPC leadership of state-owned enterprisesNew rules reduce conviction errorsSmart technology to assist cancer treatmentState Council NewsMore measures to streamline business registrationChina to review capacity cut as it closes to targetWhen out of the blue the word lanshouxianggu began trending on Chinese social-networking sites, many internet users were left scratching their heads.HighlightsBlue mushroom is Chinas new internet memeNew rules to slap down school bullyingGovt to hire more civil servants with grass-roots experienceXinjiang kids look to score on their own field of dreamsHot Topics2nd space lab on its way to key mission Netizens criticize Olympic uniforms Rough and tough world of soldiers training Ground level Rule of law Panda China youths Anti-terror drive Family planning SmogSpecial1000 days:Deepening reformsThe Long March, 80 years on…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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