China hosts BRICS summit
Source: Agencies |
April 14, 2011, Thursday
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Print Edition
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The leaders of the world's largest emerging economies are in southern China for what could be a watershed moment in their quest for a bigger say in the global financial architecture.
Today's summit comes at a crucial moment for the expanded five-member bloc known as the BRICS, which groups Brazil, Russia, India, China and, for the first time, South Africa.
Chinese President Hu Jintao, Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma will attend.
With the G20 group of major economies seeking to remake parts of the global financial architecture, it's time for the BRICS to test whether they can overcome internal differences and act as a bloc pursuing common interests.
"The key priority is for the BRICS to put creative ideas on the table rather than just react defensively to proposals put forward by the advanced economies," said Cornell University economics professor Eswar Prasad, former head of the International Monetary Fund's China Division.
The BRICS have the potential to emerge as a new force in world affairs on the back of their massive share of global population and economic growth. With the inclusion of South Africa, the group accounts for 40 percent of the world's people, 18 percent of global trade and about 45 percent of current growth, giving them formidable heft when dealing with the developed economies.
Today's one-day meeting in Hainan's resort city of Sanya marks the group's third annual summit, while moves to lend it greater structure, such as establishing a permanent secretariat, remain under discussion.
At bilateral talks yesterday, Hu and Medvedev pledged to boost economic relations, while Zuma said on arrival that the meeting was "a historic moment for South Africa."
The five economies have been traditionally underrepresented in world economic bodies, such as the IMF and the World Bank.
A key concern now will be stemming inflation and pushing back against debt-fueled expansionary monetary policies being pursued by developed nations that now suffer from negative or anemic growth.
Other priorities include reducing economic imbalances and volatility in commodity prices, pushing for even greater influence in the IMF and other bodies, and gaining a say in the potential introduction of new reserve currencies.
Today's summit comes at a crucial moment for the expanded five-member bloc known as the BRICS, which groups Brazil, Russia, India, China and, for the first time, South Africa.
Chinese President Hu Jintao, Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma will attend.
With the G20 group of major economies seeking to remake parts of the global financial architecture, it's time for the BRICS to test whether they can overcome internal differences and act as a bloc pursuing common interests.
"The key priority is for the BRICS to put creative ideas on the table rather than just react defensively to proposals put forward by the advanced economies," said Cornell University economics professor Eswar Prasad, former head of the International Monetary Fund's China Division.
The BRICS have the potential to emerge as a new force in world affairs on the back of their massive share of global population and economic growth. With the inclusion of South Africa, the group accounts for 40 percent of the world's people, 18 percent of global trade and about 45 percent of current growth, giving them formidable heft when dealing with the developed economies.
Today's one-day meeting in Hainan's resort city of Sanya marks the group's third annual summit, while moves to lend it greater structure, such as establishing a permanent secretariat, remain under discussion.
At bilateral talks yesterday, Hu and Medvedev pledged to boost economic relations, while Zuma said on arrival that the meeting was "a historic moment for South Africa."
The five economies have been traditionally underrepresented in world economic bodies, such as the IMF and the World Bank.
A key concern now will be stemming inflation and pushing back against debt-fueled expansionary monetary policies being pursued by developed nations that now suffer from negative or anemic growth.
Other priorities include reducing economic imbalances and volatility in commodity prices, pushing for even greater influence in the IMF and other bodies, and gaining a say in the potential introduction of new reserve currencies.
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