Chinese President Xi Jinping (C), Indian Prime Minister Narendra Modi (2nd L), South African President Jacob Zuma (1st R), Brazilian President Michel Temer (1st L)and Russian President Vladimir Putin attend a BRICS leaders' meeting on the sidelines of a summit of the Group of 20 (G20) major economies in Hangzhou, capital city of east China's Zhejiang Province, Sept. 4, 2016. (Xinhua/Yao Dawei)
Chinese President Xi Jinping said Sunday that BRICS members should enhance their coordination to allow emerging-market economies and developing countries to play a bigger role in international affairs in the G20 summit.
Analysts think it is quite urgent for BRICS countries to gain a bigger voice in a bid to create a fairer and more reasonable international financial system and governance structure.
While attending a BRICS leaders' meeting on the sidelines of the G20 summit in Hangzhou Sunday, Xi said BRICS members should enhance their coordination to allow emerging-market economies and developing countries to play a bigger role in international affairs, reported the Xinhua News Agency on Sunday.
He called upon the emerging-market bloc to help build new-type international relations featuring win-win cooperation, and to cultivate a peaceful, stable, equitable and reasonable international order.
BRICS members should insist that each country should be allowed to choose its development path consistent with its national conditions, and resolutely oppose interference from external forces, Xi said.
The president urged BRICS members to promote governance structure reform in the International Monetary Fund and World Bank to boost representation from emerging-market and developing countries.
Wang Youming, a research fellow at the BRICS Economic Think Tank of Tsinghua University, told the Global Times on Sunday that "BRICS has not come even close to institutional rights that match their booming economies."
"International financial institutions will allocate financial resources more fairly if the emerging-market bloc could have more say in the rule-making process," said Wang.
Echoing Wang, Zhou Qiangwu of the International Economics and Finance Institute of the Ministry of Finance told Global Times that "by strengthening the voice of emerging-market economies like China and India, the global financial policy-making and the governance system will be fairer and more reasonable."
"For example, as the world's third biggest economy, Japan still enjoys the second highest quota in the IMF and World Bank, while China, the second biggest economy, only has the third-largest quota," Wang said.
BRICS leaders said that IMF quotas fail to reflect current global economic realities, urging G20 members to step up efforts with the IMF to increase quota resources and review the distribution of quotas and votes to ensure a fair reflection of emerging and developing economies in a statement issued after the meeting.
They called for the completion of the 15th general review of quotas and the creation of a new quota formula before the 2017 IMF annual meeting, the statement said.
Coined by former Goldman Sachs chief economist Jim O'Neill in 2001 in a paper entitled "Building Better Global Economic BRICs," the term "BRIC" was originally an acronym for Brazil, Russia, India and China.
Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, South African President Jacob Zuma, Brazilian President Michel Temer and Russian President Vladimir Putin attend a BRICS leaders' meeting on the sidelines of a summit of the Group of 20 (G20) major economies in Hangzhou, capital city of east China's Zhejiang Province, Sept. 4, 2016. (Xinhua/Li Xueren)
Source: By Deng Xiaoci, Global Times