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BRICS think tanks urged to engage in deeper cooperation

Author  :  Zhang Junrong     Source  :    Chinese Social Sciences Today     2017-04-06

A think tank forum was recently held in Beijing to call for closer cooperation among think tanks of the five BRICS member countries.

China assumed the presidency of BRICS earlier this year, which marks the beginning of the second decade of BRICS cooperation. The BRICS Think Tanks Symposium, under the theme “Strengthening Financial Cooperation and Promoting BRICS Development,” gathered more than 300 envoys, businessmen and academics from member countries to discuss ways to make the next 10 years more fruitful.

Consisting of five promising emerging countries, BRICS was initially a concept for investment. Over the past 10 years, the BRICS cooperation mechanism has been gradually transformed from an initiative into a real consultation platform through which member countries can deepen cooperation and achieve mutual benefit, attending scholars said. The five nations have set a good example for emerging markets and developing countries, they said.

Wang Xiaolong, special envoy for BRICS affairs under the Ministry of Foreign Affairs, pointed out that the BRICS nations now account for about 23 percent of the global economy compared to 12 percent a decade earlier. The figure nearly doubled, making the bloc the veritable backbone of global development.

Liu Yuanchun, vice-president of Renmin University of China, showed another set of data from the perspective of developing countries: emerging markets and developing countries account for 60 percent of world GDP.

The contribution of BRICS and emerging economies to the global economy has reached or surpassed that of developed countries. The developing world has become the nucleus of global economic growth, Liu said.

While bringing concrete economic benefits to its member countries, the BRICS cooperation mechanism also seeks to build an effective, fair world order, said South African

Ambassador to China Dolana Msimang. By 2020, the contribution of the BRICS countries is expected to account for nearly half of the world economy and they will make greater contribution to global governance reform, she said.

In the last few years, the New Development Bank has settled seven investment projects within the five countries, and the collaboration under the framework of the Contingent Reserve Arrangement has likewise commenced. George Zinoviev, minister-counsellor of the Russian Embassy in China, noted that the two mechanisms will play an important role in the international monetary and financial system.

The 2008 financial crisis has brought about a grim world situation that is characterized by a sluggish economy and volatile financial market, growing anti-globalization sentiments and rising protectionism, alongside frequent geopolitical conflicts and interwoven traditional and non-traditional threats.

In such a complicated context, the BRICS countries are focusing on domestic economic and social development while calling on other countries to cooperate, establishing themselves as a vital force in the international community, Wang said.

Luan Jianzhang, research director of the CPC International Liaison Department, mentioned calls for the establishment of a BRICS research institute or knowledge community.

For the sake of the ninth BRICS Leaders Meeting, which is to be held in September this year in Xiamen, Southeast China’s Fujian Province, the International Liaison Department proposed and instituted the China-based Council for BRICS Think Tank Cooperation, Luan said as secretary-general of the council.

Zhou Qiangwu, director of the International Economics and Finance Institute under the Ministry of Finance, pointed out the need to further deepen cooperation among BRICS think tanks and pool the wisdom of the five countries.

“Given the rich resources of BRICS think tanks, synergizing efforts, sharing experience and learning from each other in the process of socioeconomic development will all be conducive to the improvement of BRICS mechanisms,” Zhou added.

The symposium was co-hosted by the China-based Council for BRICS Think Tank Cooperation and Renmin University.

Editor: Ma Yuhong

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