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 needs to find focus againBy Wang Mingjie (China Daily Europe) Updated:2016-10-16 14:05Comments Print Mail Large Medium SmallSome BRICS countries need to find their purpose again, given that some of the economies are weak.So says Jim ONeill, who in 2001 coined the acronym BRIC, grouping Brazil, Russia, India and China as potential growth powerhouses.South Africa was added nine years later to make it BRICS.”They need to find their collective purpose and really maintain the collective vision,” the former UK Treasury minister and life peer told China Daily in an exclusive interview to mark the 15th anniversary of the publication of his paper coining the name.”Brazil, Russia and South Africa are now in recession, with many questioning their BRICS status.”Even though they have got problems, they are still key parts of the global economy,” ONeill says. “They need to be involved in global governance, so the importance of the BRICS is not diminished by the fact that they are in recession.”The former Goldman Sachs chief economist says: “In the 15-year context, people also need to remember in the first decade since I created the acronym, all the BRICS countries grew much more than I said. So even though Brazil and Russia particularly have been disappointing, the collective size is pretty similar to what I said it would be. Very importantly, so far this decade China is growing by more than I assumed.”ONeill believes that China can play a role inside the BRICS bloc because it is so big. In fact, China is twice as big as the other four economies combined.He thinks that BRICS economies could reinforce practical cooperation by undertaking collective investments in terms of environmentally-friendly and alternative energies, consistent with climate challenges, particularly now that China has signed the Paris climate change agreement.ONeill, who has been chairing a formal review of anti-microbial resistance, said BRICS countries could also take a collective position on what they want to do in terms of initiating policy change on the back of UN agreement, especially because they all suffer from the interplay of infectious disease.The challenges facing the world economies are many, with a lot coming from the developed world, but he said BRICS countries should consider sensible shared infrastructure projects.”Take Chinas Belt and Road initiative, for example, which touches three out of five BRICS countries. One could conceive of all the BRICS countries investment banks maybe playing a role in Belt and Road infrastructure efforts. That would be a significant opportunity for them to do things together, which would help strengthen their economies and the world economy.”This year is a landmark one for China because it hosted the G20 summit for the first time, he said.”Hosting an international summit is never easy, but I like the focus they brought to try to improve the global economy and global governance. In some way, the best part of the G20 was endorsing Chinas status as an important part of the world economy.”ONeill resigned recently as a Treasury minister amid reported tensions over the approach to China of the new prime minister, Theresa May, including the UKs Northern Powerhouse project.In the last year he has been involved in building up Northern Powerhouse, with attempts to bring Chinese investment into new schemes.ONeill, who was born in Manchester, said he remains passionate about the Northern Powerhouse project and is eager to help that continue.He also hopes the Sino-UK relationship will not change under Mays leadership. “Obviously I played my own role in developing the so-called golden relationship, which is very exciting, and I think it is very important for the UK, especially post-Brexit, that we develop stronger trade links with key drivers of the world economy, and obviously China is one of them.” 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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