BRICS leading the way to better global governance

The anti-globalization trend has swept the world with Black Swan events in recent years, while emerging countries, especially BRICS, performing as rising powers on the global stage with their own unique development patterns, lead global governance and prop up world economic growth.

As President Xi Jinping pointed out, the global governance structure depends on the variation of the world's balance of powers. The end of the Cold War terminated the dual structure of developed and developing formulated since the industrial revolution.

A new ternary structure has replaced it, which consists of developed countries (finance and technology), emerging countries (manufacturing) and developing countries (primary products). The BRICS countries spread over four continents and both hemi spheres naturally has geographical advantages. BRICS countries cover 29.6 percent of the planet's land, contain 42.6 percent of the global population and account for 23 percent of global GDP. The trade volume among BRICS countries has increased from $9.3 billion in 2006 to $24.4 billion in 2015. In 2016, China and India achieved 6.7 percent and 6.6 percent year-on-year GDP growth respectively.