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BRICS to contribute more to global governance
September 06,2017   By:Xinhua
Sept.6,2017--Changes in the global landscape call for a solidified, stronger BRICS with better contribution to the global governance as the bloc of five emerging economies enters its second decade. 
 
The 9th BRICS annual summit which was wrapped up on Tuesday in Xiamen has attracted worldwide attention to how Brazil, Russia, India, China and South Africa will shape the bloc's future course amid challenges and uncertainties stemming from global economic sluggishness, increased anti-globalization sentiments in Western countries, regional security and geopolitical blackswans, among others.
 
The bloc representing some 44 percent of the world population and 23 percent of the world economic volume is striving towards a stronger identity, a leading platform for South-South cooperation and a larger role in global governance.
 
GROWING ROLE IN GLOBAL GOVERNANCE
 
Former Goldman Sachs chief economist Jim O'Neill, who coined the acronym BRIC (made BRICS by South Africa's participation later), said the bloc's economic performance has exceeded his expectations.
 
"Sixteen years later the BRICS share of the global GDP (gross domestic product) is bigger than every scenario I projected," he noted.
 
Currently, the bloc's five economies together contribute more than half to global growth, serving as a major economic powerhouse.
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