This Article is From Jan 11, 2017

BRICS Indispensable To Global Financial Stability: Chinese Media

BRICS Indispensable To Global Financial Stability: Chinese Media

BRICS leaders pose at the 8th Summit in Goa in October, 2016. (File)

Beijing: Assuming presidency of the BRICS block, China said that with the five member nations of Brazil, Russia, India, China and South Africa contributing more than half of the global economic growth, the block has become indispensable to the world's financial stability.

"With 42.6 per cent of the world's total population and roughly one-third of the world's land area, it has a combined GDP that accounts for about one-fifth of the world's total," said an article in the state-run China Daily.

"At the same time, the group, with its rising international clout, has become an indispensable force behind global economic governance reforms and international financial stability," it added.

The newspaper also said that despite fall in commodity prices, the BRICS has shown resilience due to the cooperation and huge potential.

 The article further added that BRICS would, in the years to come, play a major role not just in international economic issues but also political matters.

"Cooperation in economic and political fields has over the years emerged as the two 'wheels' of BRICS. The rise of the five emerging economies has brought profound changed to the world political and economic landscape," it said.

The 8th Summit of the BRICS was held in Benaulim, Goa under the presidency of India in October, 2016. China, which took over presidency from India, will convene the 9th Summit in the coastal city of Xiamen in September.

(with inputs from PTI)
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