The Star: September 21, 2017

The Star Latest Christchurch news at www.star.kiwi
Thursday September 21 2017 25
BRICS set to make
big difference
The ninth summit of the leaders of Brazil, Russia, India, China
and South Africa (BRICS) held in southeastern Chinese city
of Xiamen early this month highlighted the strong conviction
and consensus of the group’s five member countries to make
a difference in the world in the next decade. It concluded
with a blueprint mapped out to chart the course of the
emerging market group to achieve common development
and play a bigger role in international affairs while opposing
protectionism.
The momentous event has officially ushered in a second decade
of the grouping, which accounts for about 42 percent of the
world’s population and contributed more than half of global
economic growth in the past decade. The five-member bloc has
focused on promoting cooperation in such areas as trade and
investment, currency and finance, connectivity, sustainable
development, innovation and industrial cooperation.
Considerable progress has been achieved through practical
and mutually beneficial cooperation among BRICS countries
over the past decade. Their combined economic share in the
world’s total has almost doubled to 23 percent.
to the Xiamen summit, China hosted the leaders of APEC,
the G20, and countries participating in the Belt and Road
Initiative.
President Xi told the press after the summit that BRICS
leaders agreed to deepen political and security cooperation
and enhance mutual strategic trust. Playing a bigger role in
security was part of the four-point proposal China raised at
the BRICS Business Forum. The proposal had clear input from
the governance wisdom and will help BRICS gain strength.
OPEN ECONOMY
After assuming the rotating presidency this year, China,
together with the other four members of Brazil, Russia, India
and South Africa, has formulated a series of platforms within
the BRICS mechanism to deliver tangible achievements. The
BRICS mechanism is based on results-oriented cooperation,
and significant progress has been made in this regard.
While the bloc is dedicated to strengthening South-South
cooperation, it is not intended to “move the cheese of anyone,”
as Chinese President Xi Jinping said at a three-day summit
in China’s coastal city of Xiamen, but to “make the pie of the
global economy bigger.” Actions speak louder than words. Xi
announced at the summit that China will offer 500 million
yuan (about 76 million U.S. dollars) to facilitate practical
cooperation in economy and trade, and another 4 million
dollars for projects of the BRICS New Development Bank,
a Shanghai-headquartered body set up in 2015 as the bloc’s
major contribution to the world financial system.
overseas. In India, Alibaba’s subsidiary partnered with local
mobile payment company Paytm and boosted its number of
users from 30 million to 200 million. Chinese companies are
willing to share their experience as they explore the overseas
market.
BRICS PLUS
Openness delivers progress. China as host of the summit
has injected new vitality into the mechanism by putting
forward the “BRICS Plus” approach, inviting leaders of five
other developing countries from across the globe to hold
dialogues with BRICS leaders during the event. The move will
expand the BRICS circle of friends. With broad partnerships,
the group can evolve into a more influential platform for
South-South cooperation, to contribute significantly to
implementing the 2030 Agenda for Sustainable Development,
including eliminating poverty.
Leaders of Mexico, Egypt, Tajikistan, Guinea and Thailand
were invited by China to sit at a roundtable with BRICS
leaders. Though outreach programs have existed in past
BRICS summits since 2013, it was the first time the program
had such an extensive representation - from almost every
region of the world.
It is the first time that Chinese President Xi Jinping has chaired
the BRICS summit, sharing his vision on the group’s past and
future and calling for greater efforts to “comprehensively
deepen BRICS partnership.” The summit has shown the
will and means of BRICS countries to seek more pragmatic
cooperation, play a more active part in global governance and
increase the voice and representation of emerging market and
developing countries -- the main engine of world economic
growth.
RESPONSIBLE BLOC
Initially formed on economic prowess, the group has
increasingly found a common voice on thorny geopolitical
issues. In Xiamen, BRICS leaders were quick to respond to
the latest nuclear test in the Democratic People’s Republic
of Korea, which detonated a hydrogen bomb the day the
summit opened. In their joint declaration, BRICS leaders
expressed “deep concern” over the ongoing tension and
prolonged nuclear issue on the Korean Peninsula, saying that
it should only be settled through peaceful means and direct
dialogue. The declaration also touched upon issues in Syria,
Yemen, and the Israeli-Palestinian conflict. One day earlier,
Xi called on BRICS countries to shoulder their responsibilities
in upholding world peace. He called on BRICS countries to
take a constructive part in the process of resolving geopolitical
hotspot issues and make our due contributions.
China has emerged as a responsible power on world stage.
China has increased its responsibility in global governance
from climate change to peace-keeping. In the years leading up
Currently, the global economy is undergoing adjustments
with a rising trend of de-globalisation and protectionism. A
more just and equitable international order remains beyond
reach, despite some progress. With the economic slowdown,
most BRICS countries face urgent structural reforms. At this
crucial stage, the challenges and opportunities underline the
significance of the Xiamen summit to provide solutions, and
outline the direction and priorities for the group’s new era.
Economic cooperation remains at the foundation of BRICS,
and President Xi has been calling for openness and larger
representation of the developing countries in global economic
governance since his first BRICS summit appearance
in 2013. China repeated its support for an open global
economy, multilateral trade and fight against protectionism
during this summit. “Emerging market will be hurt most by
protectionism,” President Xi said. “Openness, inclusiveness,
and win-win cooperation are the only viable option.”
Seizing the opportunities of the digital revolution, BRICS can
achieve impressive growth and overtake developed countries.
The new technological revolution has brought developing
countries precious chances to play catch-up. Losing it, the
developing countries will see the divide between them and the
developed world grow wider.
Opening the BRICS Business Forum, President Xi encouraged
BRICS countries to pursue innovation-driven development
created by smart manufacturing, the digital economy and
sharing economy. The
digital economy, with a
market scale worth 22.6
trillion yuan, has risen
to take up 30 percent of
GDP in China. Meanwhile,
leading Chinese tech
companies are expanding
This advertorial page is supported by The Chinese Consulate
President Xi said BRICS cooperation was more than about
just five countries, but carried the expectation of the entire
international community. He had earlier used an idiom to
sum up the mindset behind such partnerships: “One should
help others as he establishes himself and bear the well-being
of the world in mind.” BRICS leaders supported the “BRICS
Plus” approach proposed by China to strengthen South-
South cooperation. People all over the world are beginning
to realise the sheer potential of BRICS for cooperation among
developing countries. BRICS is really going to shock people in
terms of what is able to achieve. Xi called out to his colleagues,
“Let us set sail from Xiamen and join hands to usher in the
second ‘golden decade’ of BRICS cooperation.”
At the summit, BRICS leaders are constantly reminded of the
sea. The logo is a sail in five colors. The conference building, a
nearby hotel and the city’s airport terminal are all in the shape
of a ship. The BRICS nations of Brazil, Russia, India, China
and South Africa are like five boats on a fishing trip. Each has
its own cause, but they sail in one direction with a common
aim. At this crucial juncture lessons need to be drawn, and
the “captains” need to set the direction for the journey ahead.
As a stakeholder in shaping world order and safeguarding
peace, the BRICS should further strengthen communication
and coordination on major global and regional issues, and
promote democracy in international relations so as to serve
as a stabiliser for the world. Rather than losing its luster as
claimed by short-sighted, misleading observers, BRICS can
make a big difference to deliver benefits to people of the five
countries and beyond.