Building a bigger, better BRICS wall against the West’s global order
Beijing wants the group of developing countries to have a wider vision and input but the members must overcome diverging interests
It started out with high hopes. In the aftermath of the 2008 financial crisis, the world’s five fastest growing developing economies came together to mount a united challenge to Western dominance of global institutions.
Seven years on and much of the shine has come off the BRICS club of Brazil, Russia, India, China and South Africa. Political and economic uncertainties at home and geopolitical rifts between some members have exposed weaknesses in the bloc, raising doubts over its future.
But Beijing is not ready to let BRICS crumble just yet. At the bloc’s latest summit in Xiamen, Fujian province, last week, China tried to breathe new life into the group by expanding its scope and agenda. The goal is to make it a global grouping to counterbalance the Western-dominated order.
Under the “BRICS Plus” banner, China invited five more developing countries – Egypt, Guinea, Mexico, Tajikistan and Thailand – to the meetings.
Chinese President Xi Jinping also announced US$80 million in investment in BRICS projects, with another US$500 million in funding for wider South-South cooperation.