BRIC leaders set to promote cooperation
CHINA: Leaders of emerging economies China, Russia, Brazil and India,
known as BRIC , are to meet in Russia on Tuesday. The meeting is set to
promote cooperation among the four countries to deal with the ongoing
global financial crisis.
The meeting of the leaders of the BRIC countries will highlight their
common challenges and interest in the face of the financial downturn and
pave the way for furthering their cooperation to deal with the crisis in
Confronted by the financial crisis, the BRIC countries, as major
emerging economies, also face similar challenges and share common
interest in containing the crisis. Ever since the U.S. subprime mortgage
crisis broke out in the summer of 2007, the crisis has posed serious
challenges to the BRIC countries. Their economic growth has slowed down
and foreign trade withered as external economic conditions deteriorated.
The BRIC countries have common interest in stabilizing the world
economy, repairing the global financial system, promoting economic
recovery and opposing protectionist measures.
The meeting of the leaders of the BRIC countries will also send a
message of unity among the four countries about rebuilding the global
financial system and thus getting the world better prepared for more
sustainable economic growth.
The financial crisis, as many have known, is a result of ill advised
macroeconomic policies by some advanced economies and their failure to
enforce vigorous regulation over the ever growing financial industry.
Beijing, Sunday, Xinhua