Chen Yu (CICIR): BRICS will become a new global center

Chen Yu, research fellow of Institute of Russian Studies at China Institutes of Contemporary International Relations (CICIR).

Nowadays emerging markets, like China, Russia and other countries, are becoming more and more important in global economy. But the operational world financial system does not reflect the new reality at all aspects. We need a reform for the system. But as we all know, the reform of IMF is in stagnation, so BRICS build the development bank as an addition to world financial system. Just like President Putin said, BRICS Bank would become one of the major multilateral development finance institutions in this world. The bank will give developing countries the financial support they urgently need, build a financial firewall for the emerging markets, and enhance the influence of developing countries. This will lay a more steady foundation for world economy.

On the other hand, as the weight of the BRICS countries in world GDP share rises, political influence of BRICS is growing too. In my personal opinion, BRICS will become a new global center of influence not only in economy, but also in international relations, because it reflects the direction of world development - multi-polarization. BRICS will contribute to the development and peace of whole world. And we should continue to improve and complete the institutes of BRICS and make it more effective.