chapter  7
13 Pages

The BRICS countries and global economic governance

WithXu Xiujun

Since the end of Cold War, especially since the start of the twenty-first century, the emerging countries have achieved outstanding economic performance and become a focus of world attention. With the rapid rise of a large number of emerging countries, the pattern of interests distribution under the prevailing global economic governance system has become increasingly unsuitable to the changes of the era, which has become the main source of legitimacy crisis of the global economic governance system. As emerging countries, the BRICS have both the strategic need to boost domestic economic and social development and the strategic need to enhance their narrative and voice on the international stage, so they all have the motivation to jointly expand their strategic interests. Since the establishment of the BRICS summit mechanism, their leaders have from time to time had an in-depth exchange of views on issues and challenges faced by the five countries and even the whole world, and continuously deepened the BRICS participation in global governance. In this process, the BRICS countries have gradually changed from passive recipients of the existing global governance system to active participants and creators, and created some new ideas, new ways, and new practices for the emerging countries to cooperate and participate in global governance.