BRICS

China now has a strategy to ensure its economic transformation benefits other countries in Asia and beyond.

The ability of the BRICS countries to develop institutions that support greater economic freedom, with more reliance on market competition and less on government, will likely be the main determinant of their long-term success.

According to one forecast, most BRIC economies will fail to meet long-range growth expectations.

All five BRICS countries — Brazil, Russia, India, China and South Africa — have vested interests in developing long-term alternative financial institutions for parking their money and moving it internationally, independent of the West's bullying instincts and addiction to sanctions.

The proposed BRICS-led development bank sounds promising for developing countries in Asia and Africa, as it may exercise indirect influence on the activities of those development banks that reflect the intentions of their national governments.

Western countries' insensitivity toward others' voices, values and interests lies behind the creation and evolution of BRICS (Brazil, Russia, India, China and South Africa), whose New Development Bank will give priority to loans for developing countries to finance infrastructure projects and industrialization.

Last week, BRICS (Brazil, Russia, India, China and South Africa) took a decisive step toward building institutions that could plausibly challenge the long geopolitical and economic ascendancy of the West. But Vladimir Putin's posturing at the meeting just hours before a Malaysia Airlines jetliner ...