The rise of the BRICS countries–Brazil, Russia, India, China and South Africa–may challenge the world order and lead to the end of US domination.
The five countries set up the New Development Bank during a recent summit in Brazil, which offers an alternative to the US-led International Monetary Fund and the World Bank.
The five countries participating in the economic cooperation forum are likely to deepen their cooperation in various fields, which may rival the dominance of the United States and G7 countries in the world.
The BRICS countries will also increase their sway if they can improve their governance, considering the fact that they account for 42% of the global population and their GDP and trade volume each make up for about 20% of the world’s total.
The United States has been dominant both due to its military might and the widespread use of the dollar, with the IMF and the World Bank playing an instrumental role in cementing the dollar’s role in the global economy.
Western countries have failed to give due attention to emerging countries to reflect their shifting roles, however, as evidenced by the fact that China, as the world’s second largest economy, enjoys smaller voting powers in the IMF, with 3.72%, than Germany with 5.99%, France with 4.94% and the United Kingdom with 4.94%.
The New Development Bank is therefore meant as an alternative to the IMF and the World Bank.
In an interview with Latin American media during the summit, Chinese president Xi Jinping promised that China will play the role of a responsible major nation to contribute to the economic development and stability of BRICS nations.
Xi’s remarks highlighted the significant and irreplaceable roles it will play in the group.
A recent survey of people in 44 countries by the Pew Research Center showed that close to 50% of those polled believe that China will eventually replace the United States as the world leader.
While the survey results may not become a reality, they reflect the dwindling sway of the United States.
Full article: BRICS nations could rival US in global influence (Want China Times)