China seeks to modify global governance through BRICS
Special to The BRICS Post
Since the first meeting of leaders from Brazil, Russia, India and China in June 2009, the group of major emerging economies has expanded to five with the accession of South Africa in 2010, and held five summit meetings.
The dialogue mechanism of the BRICS countries has been well established. As the Sixth Summit is to be convened this week, expectations are rising that cooperation will now expand beyond economic areas.
The formation of the BRICS came against the backdrop of the global financial crisis. Discussion at the first summit was focused on how to respond effectively to the crisis based on the major role played by the G20.
The first summit called for a greater voice for emerging economies and developing countries in international financial institutions, as well as a more diversified international currency system. But the idea of a role for emerging economies remained unclear.
As concerns over the crisis gradually faded, calls to better clarify the position and mission of the BRICS group have increased with each successive summit.
During the 2011 summit in Sanya, China, efforts to enhance financial cooperation among BRICS countries were highlighted. Leaders for the first time agreed on developing settlement and credit in local currencies in an attempt to reduce reliance on the US dollar.
And at last year’s summit in Durban, South Africa, plans were proposed to create a development bank and a contingency reserve (CRA) in order to further simplify settlement and loan business among the BRICS countries.
China wants to quicken the pace of establishing a development bank and contingency reserve in Fortaleza in order to build a financial security network for BRICS.
Expanding BRICS’s scope
Beyond financial cooperation, the BRICS partnership has started to tap fields such as cyber-security and anti-terrorism. For instance, a mechanism has been set up for BRICS officials to meet on national security. Regular meetings of BRICS’ foreign ministers have been held during the annual UN General Assembly.
At last year’s Durban Summit, leaders also agreed to develop BRICS into a full-fledged mechanism for current and long-term coordination on a wide range of key issues facing the world economy and politics.
In addition to the BRICS, China is also in the spotlight for proposing the creation of an Asian Infrastructure Investment Bank and the idea of “a new regional security cooperation architecture,” concepts raised by President Xi Jinping at this year’s Conference on Interaction and Confidence Building Measures in Asia (CICA) in Shanghai.
Xi stated that Asian problems should “be solved by Asians themselves.” This has been seen as a sort of Asian Monroe Doctrine targeting Washington’s increasing involvement in Asia.
Some analysts say such efforts indicate emerging economies and developing countries, including China, have started to seek alternative political and economic arrangements to change the global governance pattern set after the Cold War.
They are aiming to challenge the old international order through the BRICS summit, CICA and new financial institutions.
Furthermore, the territorial disputes regarding the Diaoyu Islands and islands in the South China Sea, as well as rows between Beijing and Washington over cyber-security issues, have been cited by skeptics as counterproductive to China’s peaceful development.
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Special to The BRICS Post
Since the first meeting of leaders from Brazil, Russia, India and China in June 2009, the group of major emerging economies has expanded to five with the accession of South Africa in 2010, and held five summit meetings.
The dialogue mechanism of the BRICS countries has been well established. As the Sixth Summit is to be convened this week, expectations are rising that cooperation will now expand beyond economic areas.
The formation of the BRICS came against the backdrop of the global financial crisis. Discussion at the first summit was focused on how to respond effectively to the crisis based on the major role played by the G20.
The first summit called for a greater voice for emerging economies and developing countries in international financial institutions, as well as a more diversified international currency system. But the idea of a role for emerging economies remained unclear.
As concerns over the crisis gradually faded, calls to better clarify the position and mission of the BRICS group have increased with each successive summit.
During the 2011 summit in Sanya, China, efforts to enhance financial cooperation among BRICS countries were highlighted. Leaders for the first time agreed on developing settlement and credit in local currencies in an attempt to reduce reliance on the US dollar.
And at last year’s summit in Durban, South Africa, plans were proposed to create a development bank and a contingency reserve (CRA) in order to further simplify settlement and loan business among the BRICS countries.
China wants to quicken the pace of establishing a development bank and contingency reserve in Fortaleza in order to build a financial security network for BRICS.
Expanding BRICS’s scope
Beyond financial cooperation, the BRICS partnership has started to tap fields such as cyber-security and anti-terrorism. For instance, a mechanism has been set up for BRICS officials to meet on national security. Regular meetings of BRICS’ foreign ministers have been held during the annual UN General Assembly.
At last year’s Durban Summit, leaders also agreed to develop BRICS into a full-fledged mechanism for current and long-term coordination on a wide range of key issues facing the world economy and politics.
In addition to the BRICS, China is also in the spotlight for proposing the creation of an Asian Infrastructure Investment Bank and the idea of “a new regional security cooperation architecture,” concepts raised by President Xi Jinping at this year’s Conference on Interaction and Confidence Building Measures in Asia (CICA) in Shanghai.
Xi stated that Asian problems should “be solved by Asians themselves.” This has been seen as a sort of Asian Monroe Doctrine targeting Washington’s increasing involvement in Asia.
Some analysts say such efforts indicate emerging economies and developing countries, including China, have started to seek alternative political and economic arrangements to change the global governance pattern set after the Cold War.
They are aiming to challenge the old international order through the BRICS summit, CICA and new financial institutions.
Furthermore, the territorial disputes regarding the Diaoyu Islands and islands in the South China Sea, as well as rows between Beijing and Washington over cyber-security issues, have been cited by skeptics as counterproductive to China’s peaceful development.
READ MORE