It is unwise to demonise BRICS grouping since these countries are pushing forward structural reforms to promote growth in the face of economic turbulence, China said .
A commentary in Xinhua news agency said it is “unwise to demonise” the Brazil, Russia, India, China and South Africa (BRICS) group.
It said that since the onset of the financial crisis in 2008, “major economies, which may differ in ideology, have carried out bailout programs and coordinated macropolicies”.
The global economic downturn has showed that “only by rallying together can countries overcome the difficult times. The world has a better future if the West abandons zero-sum thinking and pursues a win-win path with emerging economies”.
“In face of economic turbulence, the BRICS countries are pushing forward structural reforms to promote growth and reduce dependence on external markets.”
The commentary observed that the prospects of the BRICS countries has been criticised by some Western media, which gave a bleak picture of the grouping and even predicted its disintegration. “The negative opinion reflects the West’s zero-sum thinking.”
It went on to say that over the past six months, commodity prices have nosedived, the US Federal Reserve withdrew from quantitative easing, external demand remained sluggish. “These factors have brought negtive impact on some BRICS countries.”
The Xinhua commentary stressed that economic growth in developed economies averaged around 4 percent from 2007 to 2013, while the BRICS countries grew 37 percent.
“In 2014, the economic scale of BRICS largely matched that of the Group of Seven most industrial nations, while China alone contributed 27.8 percent to global.”
“In other words, emerging economies, represented by the BRICS countries were a major driving force for global economic growth at a time when Western countries slid into recession.”
It added that the BRICS countries “are resilient and have enough room for adjustment, with over 40 percent of the world’s population, over 26 percent of its territory and more than 20 percent of the global GDP”.
The commentary noted that despite facing economic turbulences, “the BRICS countries are pushing forward structural reforms to promote growth and reduce dependence on external markets. They are also increasing domestic demand, upgrading infrastructure, boosting regional connectivity, and promoting trade and financial cooperation”.
Those efforts of the BRICS countries will not only benefit themselves but also Western countries, it said.