Op-Ed Contributors

BRICS builds global balance

By Tao Wenzhao (China Daily)
Updated: 2011-04-12 08:00

Active efforts from emerging countries contribute to good governance and fairer distribution of world's wealth

The third summit meeting of BRICS countries is due to be held at China's resort city of Sanya later this week.

South Africa will join Brazil, Russia, India and China at this year's summit, where the participating leaders are expected to exchange ideas on economic and financial issues.

The continuing rise of developing nations, such as those of the newly enlarged BRICS, marks a significant change in the global economic and political landscapes and will have a far-reaching influence on world development.

Under the West-dominated international political and economic system, global wealth and power have been unevenly distributed between developed and developing countries for a long time. However, some subtle changes have occurred over the past two decades, especially since the outbreak of the global financial crisis in 2008.

Related readings:  BRICS to sustain strong growth  BRICS can build common currency  South Africa to give continent voice at BRICS  BRICS nations seek joint stance

The US economy seems to be on the road to recovery, but the unemployment rate in the world's largest economy is still around 8.5 percent and its financial deficit remains high. European countries are struggling to grapple with a lingering sovereign debt crisis and Japan, which has failed to completely extricate itself from its decades-long economic stagnation, must recover from the recent earthquake and tsunami.

In sharp contrast, developing countries have overcome the impact of the global financial crisis and managed to achieve robust economic growth momentum. According to an estimate by the International Monetary Fund (IMF), economic growth in emerging countries reached 7.1 percent in 2010 and is expected to be 6.4 percent in 2011.