BRICS economies to continue successful development - Chinese finance ministry

BEIJING, January 12. /TASS/. The economies of the BRICS countries (Brazil, Russia, India, China and South Africa) will continue successful development in foreseeable future despite a number of challenging factors, China’s Vice Finance Minister Zhu Guangyao said on Tuesday. "Some say that the BRICS countries are losing their (lapsed) polish (of progress). However, it isn’t the case," he said at the 4th financial and economic forum of the association. According to deputy minister, pessimistic views on BRICS development prospects are mainly triggered by the current global economic turmoil. "Developing countries, mostly BRICS countries, present a new power. The scale of their total GDP exceeds 20% of global (GDP). By 2020 those countries will account for up to a quarter of the global economy," he said, adding that around 40% of global population resides in those countries. "The BRICS states are a major consumer market and the key supplier of resources for global economy. The role of their human capital and operating resources is constantly rising, which provides evidence of sustainable development of those countries and of their extremely important growth potential," Zhu Guangyao said. He added though that despite the fact that some BRICS member-states are facing temporary challenges, their main economic development thrust is unchanged. "We’re facing new opportunities and new challenges, which demands further accelerating cooperation and joining effort from us," he said. Read more