Source: CGTN    Published: 2022-06-23

Ten misunderstandings about BRICS emerging market group are explained in a report released by Chongyang Institute for Financial Studies of Renmin University of China. The report underlines the important role the bloc will play in future global governance. Cao Bing reports from Beijing.

"A New Future for Global Development", the title of the report sums up how Chinese and international analysts see the growing impact of BRICS – five of the world's major emerging economies: Brazil, Russia, India, China, and South Africa in a new report released in Beijing.

CAO BING Beijing "The report has listed ten common misunderstandings about BRICS3 – and explains why they are wrong. For example, it says theories that refer to the bloc as 'impure' and 'fading' are totally incorrect."

WANG WEN Executive Dean, Chongyang Institute for Financial Studies, Renmin University of China "Because of economic transition and COVID-19 influence, BRICS shows relatively slower economic growth in recent years. Some trumpeted the theories of the 'BRICS IS FADING'. But actually, in 2021, the GDP of BRICS countries totaled 24.6 trillion U.S. dollars – a year-on-year increase of 7.6 percent, higher than the global average growth rate of 5.5% contributing an important force to the world economic recovery."

The institute's report debunks Western attacks on the bloc's credibility with "theories" like: "BRICS Coreless", "BRICS Empty Talk" and "BRICS Collapse" explaining why they are wrong.

The report also identifies ten "new paradigms" that BRICS nations have created in "global governance", the "world economy" and "sustainable development."

A Brazilian policy analyst said the gathering of BRICS countries are playing an important role amid vast changes, challenges, and uncertainties in the world. The expert also said that a meeting between nations of the "Global South" could help build a new "multipolar international system".

The report says it is a system that BRICS counties have pledged to make "more inclusive, equitable and representative" with the aim of building "a brighter shared future for the international community". Cao Bing, CGTN, Beijing.