BRICS-A New Future for Global Development

Core Abstract

■ The BRICS cooperation mechanism is facing various kinds of bad-mouthing and defamation from the West. There are ten major misunderstandings. In this report, they are summarized as follows: “BRICS Fading Theory”, “BRICS Collapse Theory”, “BRICS Empty Talk Theory”, “Mechanism Invalidity Theory”, “BRICS Coreless Theory”, “China Supremacy Theory”, “BRICS Subversion Theory”, “BRICS Dissonance Theory”, “BRICS Exclusivity Theory”, and “BRICS Impracticality Theory”.

■ The BRICS cooperation mechanism has brought ten new beginnings to global governance, economy and finance. In this report, they are summarized as follows: “New Paradigm of Global Governance”, “New Forces of Economic Globalization”, “New Model of Financial Reform”, “New Engine of Economic Recovery”, “New Impetus for Sustainable Development”, “New Platform for Practical Cooperation”, “New Cornerstone of Supply Chain Repair”, “New Example of People-to-people and Cultural Exchanges”, “New Strength of Health Management”, and “New Concept of Global Development”.

■ The BRICS countries are not an empty talk club with nothing to do, but an action team integrating knowledge and practice. BRICS cooperation has started from scratch, developed from an investment concept to an important force in global governance, and gradually formed a comprehensive, wide-ranging and three-dimensional cooperation system covering finance and trade, political security, people-to-people and cultural exchanges, public health, high and new technologies.

■ The BRICS countries are and have always been the new engines of world economic recovery and growth. The BRICS countries have contributed more than 50% to world economic growth, which is much higher than that of the developed economies such as the G7. As an important pillar of the "three-wheel drive" of BRICS cooperation, BRICS economic and trade cooperation has driven the recovery of the world economy. In 2021, the total real GDP of the BRICS countries was US $24.6 trillion, with a year-on-year increase of 7.6%, 2.1% higher than the global average growth rate of 5.5%. China and India achieved a high growth rate of 8.1%. The BRICS countries have become the engine leading the world economic recovery.

■ BRICS countries are committed to consolidating financial cooperation and injecting BRICS strength into financial stability and financial order. BRICS countries have promoted financial reform and put forward new plans from institutional arrangements to the reconstruction of new organizations. The BRICS countries set up the New Development Bank with US $100 billion. It adopts an equally distributed equity structure, reflects fairness in an equal rather than weighted manner, and the first loans to the five countries are used for sustainable development. Moreover, a US $100 billion Contingency Reserve Arrangement was established to effectively prevent and control the liquidity and other financial risks of BRICS countries, while promoting the reform of the IMF and the World Bank and improving the international monetary system.

■ BRICS countries are new forces to promote economic globalization and achieve financial stability under the counter-globalization. The BRICS countries are working closely to promote economic globalization in a pragmatic manner, regardless of geographical and physical differences. In 2021, the trade volume among BRICS countries increased by 300% compared with 2006. The BRICS countries lead a new type of economic globalization that is open, inclusive, inclusive, balanced and mutually beneficial. It is a new type of globalization led by emerging economies and developing countries.

■ BRICS countries are the "stabilizer", "repairer" and "integrator" of the supply chain of the industrial chain. BRICS countries are known as "gas stations", "raw materials", "world factories" and "offices". In order to solve the problems of energy and food supply chain under the impact of the pandemic, BRICS has given full play to its comparative and superimposed advantages and synergistic effects of resource endowment + technological innovation + human resources, which will enhance the strength of the global industrial chain and the resilience of the supply chain, and push the world economy to the normal track.

■ BRICS countries adhere to the concept of openness, inclusiveness and win-win cooperation, and are committed to contributing BRICS wisdom. Amid the pandemic situation, counter-globalization and governance issues in global development, the BRICS countries adhere to the concept of openness, inclusiveness and win-win cooperation. From the perspective of mankind and the common interests of the vast majority of people around the world, they have formed an ideological consensus and contributed to the wisdom, plans and strength of the BRICS. It is a new driving force, new concept and new wisdom to promote global development.

■ The BRICS cooperation mechanism has grown step by step, highlighting its mechanism-oriented, core-oriented and achievement-oriented characteristics. Every year, there are more than 150 BRICS-related meetings and activity mechanisms, ranging from leaders' meetings, ministerial meetings, to senior management meetings, relevant working groups and meeting mechanisms in various fields. The BRICS mechanism has been rapidly improved, showing strong vitality, radiation and influence.

■ The "BRICS+" mechanism expands the BRICS’s circle of friends as well as a new platform for BRICs practical cooperation. The BRICS countries are open-minded, expand the "circle of friends" through the "BRICS+" mechanism, and strengthen the connection with existing regional cooperation mechanisms such as the Eurasian Economic Union, the South American Common Market, the Southern African Development Community, the South Asian Association for Regional Cooperation and ASEAN. Building consensus and joining forces on a larger scaleto, provide "BRICS solutions" for addressing global challenges, tocontribute "BRICS wisdom" to reforming global governance, and toinject more "BRICS strength" into stabilizing the world order.

■ The BRICS countries have become the backbone to hedge the downward pressure on the economy and improve global governance. Since the establishment of the BRICS countries, the proportion of their GDP in the world has doubled. The BRICS countries accounting for more than 26% of the world's land area and 42% of the world's population, have contributed more than 50% to world economic growth and become an important global political and economic force. BRICS countries are strengthening BRICS cooperation and the "BRICS+" mechanism, promoting new economic globalization and contributing to the BRICS program, working with developing countries and emerging economies to make BRICS voices heard and to offer BRICS wisdom. BRICS countries have built a new platform for practical cooperation with the new concept of global development, becoming a new force of economic globalization and a new engine of economic growth. The BRICS countries are taking the new paradigm of global governance, the new impetus for sustainable development, and the new model of people-to-people and cultural exchanges and cooperation to strengthen a new model of international cooperation.