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The Next Golden Decade
The Ninth BRICS Summit provides a foundation for furthering partnership among member countries
 

The Ninth BRICS Summit was held in southeast China's coastal city Xiamen from September 3 to 5, laying a foundation for furthering partnership among member countries and working together to usher in the second golden decade of BRICS cooperation.

Over the past 10 years, which began with the breakout of the global financial crisis in 2008, BRICS countries have surmounted various difficulties to develop their economies and improve their people's livelihoods. The combined GDP of the five major emerging countries has grown from 12 percent of the world total 10 years ago to the current 23 percent, and they contribute more than 50 percent of global economic growth. BRICS countries have become an important force to promote world economic growth, pushing forward changes in the global order and safeguarding international peace and stability.

As BRICS cooperation enters its second decade, Chinese President Xi Jinping has put forward proposals on jointly ushering in the second golden decade of BRICS cooperation. As Xi said in his address at the opening ceremony of the BRICS Business Forum, all members should boost BRICS cooperation to create new impetus for the economic growth of the five countries. BRICS countries should shoulder their responsibilities to uphold world peace and stability and contribute to enhancing global economic governance. BRICS should increase its influence and build extensive partnerships.

Xi also proposed the BRICS Plus cooperation model based on the previous years' experience. The model has been widely welcomed by emerging economies and developing countries.

The coming decade will present BRICS nations with both opportunities and challenges.

The opportunities are many. We are in a great era of development, transformation and adjustment. Although conflicts are yet to be eliminated globally, the trend toward peace and development is growing stronger. Our world today is becoming increasingly multipolar; the economy has become globalized; there is growing cultural diversity; and society has become digitized. The law of the jungle, where the strong prey on the weak and engage in zero-sum games, is rejected, and peace, development and win-win cooperation have become the shared aspirations of all nations.

However, BRICS countries have all encountered structural problems in the process of growth. For example, in China, some industries are plagued by overcapacity, and in Russia, serious imbalance exists between light and heavy industries. Because of these growth setbacks, some assert that the BRICS economies are losing their luster.

BRICS countries must try to seize opportunities, face up to challenges and ramp up cooperation. Only in this way can they jointly create another golden decade.

China, which holds the rotating BRICS presidency this year, is willing to work together with other member states to expand BRICS cooperation and deepen the partnership. China is ready to undertake the task to make BRICS play a more important role in driving world economic growth and creating the group's second golden decade.

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