CCIEE Held Held 166th Monthly Economic Talk Calling for Strengthening South-South Cooperation to Promote Global Governance

By Yang Xiaolin, Reporter of Economic Daily

The 15th BRICS Summit  recently concluded in Johannesburg, South Africa, achieving broad consensus and fruitful results. Centered around the theme of " BRICS Summit, Exchanges and Cooperation," the 166th session of the "Economic Monthly Talk" hosted by the the China Center for International Economic Exchanges (CCIEE) was held in Beijing in a combination of online and offline methods, inviting experts and scholars to conduct in-depth discussions.

Zhu Guangyao,  Vice Chairman of CCIEE and former Vice Minister of the Ministry of Finance, said that after 17 years of ups and down, the BRICS cooperation mechanism has made important contributions to world poverty reduction, financial stability and economic growth, and has become an important multilateral cooperation mechanism. At present, BRICS cooperation is at a crucial stage of building on past achievements and forging ahead. In particular, this historic expansion will bring together the growing development synergy of the "Global South" and inject new impetus into BRICS cooperation mechanisms such as the New Development Bank and Contingent Reserve Arrangement. It will contribute more to ensuring the stable development of BRICS countries, resolving global crises and improving the international financial system.

Why is the BRICS cooperation mechanism so attractive?  Wang Yiming, Vice Chairman of CCIEE and Chairman of the Academic Committee at CCIEE, said that first of all, BRICS cooperation reflects the historical trend of the rise of developing countries as a group and represents the evolving direction of the global political and economic landscape. Joining BRICS cooperation means choosing to integrate global development trends; Secondly, BRICS cooperation, in the spirit of "openness, inclusiveness and win-win cooperation", has gone beyond the outdated ideological thinking and provided new opportunities for developing countries that want to accelerate development while maintaining independence. Thirdly, the BRICS cooperation mechanism is gradually breaking the Western-dominated global governance architecture and promoting the establishment of a more fair, just and reasonable new international order.

"The BRICS countries need to become increasingly united and continue moving forward in the face of challenges," Chen Wenling, Executive Vice Chairman and Director of Board of Executives of CCIEE, said that currently the BRICS countries are confronted with challenges such as economic recovery pressures, spillover effects of some countries' monetary policies, persistent global inflation, lagging infrastructure development, and technological monopolies in developed countries. . In the next steps, it is essential to focus on cooperation in areas such as trade, finance, energy, digital economy, and the new industrial revolution partnerships to creating a stronger "BRICS synergy," which will play a more constructive role in promoting global economic growth and advancing the democratization of international relations.

Regarding the cooperation model of BRICS countries, Yang Baorong, Yang Baorong, Researcher and Division -Chief of Economic Research Office at Institute of China and African Studies, Chinese Academy of Social Sciences, emphasized the need to pay special attention to the development characteristics, stage, and challenges of developing countries within the context of BRICS cooperation. It is essential not to simply apply Western economic models but to continuously innovate practical cooperation mechanisms. For example, innovations in debt financing and collateral guarantees in the financial sector can be instrumental in addressing common challenges faced by developing countries, such as industrial upgrading, financial difficulties, and inadequate market capacity. This innovation can help these countries break free from the dilemma of "growth without development" and further lead South-South cooperation to promote global governance.