—Regional differences have contributed to the rapid economic growth of BRIC countries as well. Covering vast areas, the BRIC countries present strong regional differences within their borders in terms of natural resources, human resources, capital accumulation and economic development. Such differences can help energize rapid and balanced economic development.

On the one hand, regional disparities can serve as a driving force behind economic development. Different regions seek development in competition, which in turn speeds up overall expansion. On the other hand, regional differences can complement each other, thus promoting balanced growth among regions.

In BRIC countries, various regions can adopt different strategies for economic development based on their comparative advantages. Regions rich in labor resources, for example, can give priority to labor-intensive industries. Those with abundant capital, meanwhile, tend to develop capital-intensive industries. Those with technological prowess, alternately, will prioritize technology-intensive industries. It is in these ways that industries in all regions pursue competitiveness while engaging in cooperation.

—Comprehensive economic systems have helped ensure stable growth for the BRIC countries' national economies. The BRIC nations have established complete and independent industrial systems, thus gaining a strong capacity for self-regulation, in addition to a capacity with which to fend off external risks.

In the face of the global financial crisis, each of the BRIC nations demonstrated great resilience. Their strength in this regard was buttressed by development based on continued domestic economic consumption.

Greater responsibilities

As geographically big countries, the BRIC nations are expected to bear greater responsibilities as they enjoy economic growth. In fact, they have been advocating for the interests of other emerging markets and developing countries. They must now play a leading role in helping shape a new global financial order and promoting the sustainable development of the world economy.

They will have their work cut out for them.

But they have numbers on their side. According to a recent Goldman Sachs report, China will resume its long-term trend rate of growth by 2010. India and Brazil will resume their trend rates of growth by 2011. And Russia will resume its trend rate of growth by 2012. By all accounts, the four countries will be among the first to emerge from the financial crisis.

Meanwhile, they have engaged in proactive efforts with which to re-energize the world economy. For instance, they have adopted economic stimulus policies—not limited to a positive fiscal policy and an appropriately accommodative monetary policy.

In addition, the BRIC nations have expanded domestic demand to promote their own economic recovery—as well as that of the world beyond their borders. In the next few years, the robust increase in the domestic demand of the four countries will become a driving force behind the export-led recovery of developed economies.

Beyond that, the BRIC countries have an obligation to promote the reform of the international financial system. A just, equitable, inclusive and orderly new international financial order serves the fundamental interests of emerging market countries and developing countries.

In dealing with the international financial crisis, the BRIC countries have another common task—that is, to set up an example of sustainable development for developing countries. To achieve this task, thus far they have combined increasing domestic demand and economic restructuring together while trying to adjust their economic growth mode.

However, it should be remembered that the BRIC countries are in transition. Despite the powerful improvements, they continue to face problems in terms of their economic structure, growth mode and the quality of their development. Effective policies are thus needed to resolve these challenges.

For instance, they should pay more attention to hi-tech, modern service and environmental protection industries. They should also focus on developing a low-carbon economy, while underscoring the principles of "reduce, reuse and recycle."

In these and other dimensions, these new actors on the global stage may provide a telling example—one that can be fully embraced by emerging market countries and developing countries worldwide.