The Sixth Annual Conference on BRIC (or known as “big four countries”, referring to Brazil, Russia, India and China)’s Development was held with the theme of “the BRIC and G20 in the Post-Crisis Era”.

 

The special focus of the conference 2010 is on BRIC-G20 cooperation and synergy in terms of global economic governance and financial arrangement. The conference addresses how BRIC countries should collaborate and work together, as significant world economic engines, to facilitate and engage in G20 initiatives, programs and decision making. The conference serve as an academic and expert platform to discuss important policy issues related to the November G20 Summit in Korea.

 

Key participants were from Brazil, Russia, India, China, EU and America. The senior official Hon. Amb. Bong Kil Shin from the Ministry of Foreign Affairs and Trade of Korea was also present, giving a keynote speech on G20 in the Emerging Economic and Political Landscape. The conference was hosted and organized by Tsinghua University Center for China in the World Economy (CCWE), co-organized by Center for Economic and Financial Research (CEFIR), New Economic School, Russia, National Council of Applied Economic Research (NCAER), India, and the Global Institute-Brookings Institution, USA. Embassy of Brazil in China and BP Group provided institutional support.

 

The conference consists of four interrelated sessions:

 

Session 1: Recovery after the Financial Crisis, which is based on the fact that the importance of the BRIC countries has been recognized for the economic recovery and rebalancing after the world financial crisis. The impact BRIC countries have on the global economy is increasingly crucial. However, the BRIC countries have to act, individually and collectively, as a powerful engine for the economic growth, particularly in the context of supporting and engaging in the G20 process, and have policy priorities to tackle the most urgent economic issues they each face.

 

Session 2: BRIC in G20-The Agenda of Sustainable Growth: BRIC countries as an aggregate contribute 36% of world GDP growth in PPP and make up about a quarter of the global economy. BRIC diversity in political structure and economic development may, however, bring about challenges and opportunities to a sustainable growth within and outside the BRIC arena. This session concludes that strategically, how BRIC countries perform is critical to the economic sustainability in a more multi-polar world.

 

Session 3: BRIC in G20-Towards a Fair Global Financial Reform: The world financial crisis makes it an imperative to reset financial institutions and to strengthen the international monetary system. In this endeavor, the BRIC and other members of G20 have different perspectives and agenda but they are well justified in their concerns that the reform of the global financial system has not fully taken their interests into account. This session proposes that the BRIC countries should work together to build a more inclusive and stronger global economic governance structure for higher-level political engagement, policy oversight and institutional arrangements that entail better effectiveness, efficiency, accountability and risk prevention.

 

Session 4: BRIC in G20-Sharing the Responsibility of Controlling Climate Change: Climate change is a global issue that impacts humanities of all countries. BRIC countries as important members of G20 should take an active role in G20 climate negotiations for policy and regulatory initiatives. This means the BRIC need to coordinate with others in the G20, share responsibility with developed nations and developing countries, and work together to facilitate the process of establishing a global policy framework to reduce hazardous emission and use more renewable and cleaner energy resources. Economic development and environmental concerns, fair treatment and policy measures between advance nations and emerging economies, are two focal points for discussion.

 

At the opening, Tsinghua University’s Vice President XIE Weihe delivered welcome remarks, followed up by BP China’s Vice President BAI Changbo, who spoke on the subject of the BRIC and BP global operations. Professor LI Daokui, CCWE Director and Member of the China’s central bank monetary policy commission, chaired the conference. LI Yong, Vice Minister of China’s Ministry of Finance, delivered a keynote address on China’s role with G20 at the Banquet. Both panelists and people participating expressed their satisfaction by saying that the conference was held very effectively and it delivered valuable information, insight and perspectives.

 

The annual conference on economic development and policy issues of the BRIC countries is a joint initiative launched in 2005 by a consortium of top-rank academic and policy research institutions. The past conferences were held annually in Beijing, New Deli and Moscow respectively, focusing on critical strategic and policy issues of economic development, financial regulation, energy and resources, multinational cooperation and economic sustainability coherent with the emerging economies of Brazil, Russia, India and China (BRIC). Key speakers and participants included experts and scholars from academic and research institutions, policy makers and business leaders. (Source: CCWE)