(Economic Watch) What can the BRICS countries do for the global economy?

　　China News Agency, Beijing, June 21 (Reporter Li Xiaoyu) The 14th BRICS Leaders' Meeting will be held soon.

At a time when the global economy is facing a crisis rarely seen in many years, how the BRICS countries will speak out and act has attracted much attention.

　　At present, affected by multiple factors such as the Russian-Ukrainian conflict and the epidemic, the outlook for the world economy is becoming increasingly bleak, and the risk of stagflation is accumulating.

The World Bank and the International Monetary Fund have both sharply lowered their forecasts for global economic growth this year.

World Bank President Malpass said bluntly that the global economy is in danger, and economic recession in many countries will be unavoidable.

　　More seriously, due to a series of sanctions and counter-sanctions against Russia by the United States and Europe, economic globalization, which had already encountered "headwinds" a few years ago, has been further hit.

WTO Director-General Ivira warned that geopolitical tensions could split the world into two trade blocs, adding to the shadow of a trade "cold war".

　　Whether it is to boost global economic growth, avoid a deeper crisis, or support globalization and the multilateral trading system, the BRICS countries are indispensable.

　　Over the past 16 years, developing countries and emerging economies have played an increasingly important role in the global economic landscape, with the BRICS countries being the most prominent.

At present, the BRICS countries account for more than 40% of the world's population, about 25% of the world's total economic output, and about 18% of the world's total trade volume. In recent years, they have contributed 50% to the world economic growth.

　　Especially under the epidemic, the economic and trade ties between the BRICS countries have not been disintegrated, but have become closer.

According to Chinese statistics, in the first five months of this year, the total import and export volume between China and other BRICS countries increased by 12.1% year-on-year, significantly higher than the overall growth rate of China's foreign trade in the same period.

Among them, the Sino-Russian trade volume has grown by more than 20%, and the Sino-Indian trade volume has also increased by 10%.

　　Ren Lin, director of the Global Governance Research Office of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said that the BRICS cooperation mechanism provides an opportunity and platform for member states and more emerging market countries and developing countries to unite and warm up, so that everyone can cooperate to deal with risks, and jointly discuss specific measures to deal with the risks.

Today's world is facing the risk of division and confrontation again, and it is even more necessary to build a consensus among the BRICS countries, strengthen the positive forces of the international community, and hedge against current risks.

　　Chen Fengying, a researcher at the Institute of World Economics at the China Academy of Contemporary International Relations, also said that with a step-by-step, positive and pragmatic attitude, BRICS cooperation has become an important driving force for world economic development.

Under the current situation, strengthening cooperation among BRICS countries not only conforms to the common interests of developing countries and emerging economies, but is also conducive to building a world of common prosperity.

　　These collaborations have already begun.

Since the beginning of this year, China, as the rotating presidency of the BRICS countries, has held many meetings and activities.

In early June, the 12th BRICS Economic and Trade Ministers Meeting reached the "BRICS Statement on Strengthening the Multilateral Trading System and WTO Reform", "BRICS Digital Economy Partnership Framework" and "BRICS Trade, Investment and Sustainable Development Initiative" A series of achievements, including the BRICS Initiative to Strengthen Supply Chain Cooperation, agreed to strengthen cooperation in supply chain, multilateral trading system, trade investment and sustainable development.

　　Analysts believe that these tangible results not only promote the continued deepening of BRICS cooperation, but also lay a solid foundation for the upcoming BRICS leaders' meeting.

During this meeting, the BRICS countries are expected to further gather the strength of emerging economies and developing countries to provide impetus for the recovery of the global economy.

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