Xi: BRICS cooperation benefits world economy
March 19, 2013, 11:58 am

Xi says that the representation and voice of emerging markets and developing countries should be increased [Xinhua]

“Many emerging markets and developing countries, including the BRICS countries, have enjoyed fast economic growth,” Xi said in a joint interview with Xinhua and media outlets from the other four BRICS countries ahead of his first foreign visits since his election as Chinese president last week.

He said the BRICS countries, namely Brazil, Russia, India, China and South Africa, have become an important force in safeguarding world peace and promoting common development.

Minghao Zhao, a foreign policy expert in Beijing, and a research fellow at the China Center for Contemporary World Studies, says that China realises that its success depends on maximising the inclusive and development-oriented cooperation through institutions such as BRICS.

“China is rediscovering the developing world and its own value to the developing world is China’s increasing ability and solid resolve to enhance the developmental resilience for others and itself in this world of risks and uncertainties,” Zhao told The BRICS Post.

During his interview with the media, Xi also said that any reform of the global economic governance must reflect the profound changes in the world’s economic landscape. He stressed that the representation and voice of emerging markets and developing countries should be increased.

Peter Lavelle, a senior editor and presenter at Russia Today TV believes the Chinese president’s remarks could not be more timely.

“With renewed turbulence in the eurozone and the still unresolved crisis regarding the Cyprus “bail-in,” we should expect that the BRICS will have to consider a new paradigm to invest among each other and other markets,” Lavelle said.

“The precedent being set in Cyprus – violating depositor rights – send the clear signal that the crisis in the eurozone is far from over,” he said.

The Chinese foreign ministry announced Monday that Xi will visit Russia, Tanzania, South Africa and the Republic of Congo on March 22-30 and attend the fifth BRICS summit on March 26-27 in Durban, South Africa.

“Hopefully, this will set the pace for the BRICS Summit. At the same time, there is a need for more action and less rhetoric. The impression in the Western media that the BRICS are squabbling with each other should be put to rest,” says Raju Santhanam, a senior Indian journalist and analyst.

He says India and China, which are often portrayed as “hostile neighbours,” should strive together as partners in global economic platforms.

“Hopefully in this Summit, a decision on the BRICS development Bank and it’s composition would be revealed.”

With input from Agencies