Official calls for further cooperation among BRICS nations

Macro policy coordination will be of paramount importance among BRICS countries this year as the world faces continuing challenges induced by COVID-19 and the spillover effects of major economies need to be taken note of in particular, officials and experts said.

Liu Kun, China's finance minister, said on Friday that China will continue promoting financial cooperation among BRICS countries and work for practical results amid growing global growth pressures. Liu made the remarks when chairing the First BRICS Finance Ministers and Central Bank Governors Meeting in 2022, which was held virtually on Friday.

Liu said global growth momentum is weakening at the moment amid complex situations. Global development also faces obstacles.

He urged BRICS countries to demonstrate responsibility, solidarity and cooperation, strengthen macro policy coordination and facilitate steady economic recovery, according to a statement from the meeting issued by China's Ministry of Finance.

He said efforts shall be rolled out with the focus on promoting high-quality economic, social and environmental development through public-private partnerships, while experience and knowledge sharing will be stepped up regarding infrastructure investments.

China incentivizes efforts that can bring the role of fiscal and financial think tanks of all BRICS countries into full play, to give more support for further coordination and advancing cooperation among BRICS countries, according to Liu.

Shi Yinghua, a professor at the Chinese Academy of Fiscal Sciences, said macroeconomic policy coordination will be particularly crucial this year. This is because the spillover effects from major advanced economies will generate impacts, as some of them are now pivoting macro policy stances.

"It's a delicate balancing act for every economy to realize steady growth and keep prices and employment relatively stable in the face of external shocks," she said. "This will be particularly challenging for BRICS countries, who are all developing countries."

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that all member countries of BRICS are major economies in their own region.

"As most BRICS countries are export-oriented economies, external dynamics may lead to crucial challenges to their growth. Therefore, as with all regional major economies, the stable growth of each BRICS country will be particularly meaningful for a stable global recovery this year," he said.

On Friday, Liu also urged the BRICS New Development Bank, a multinational bank headquartered in Shanghai and established by BRICS countries, to step up in formulating its second five-year strategy and to expand and include more new members.

Zhou said in recent years, the NDB has worked effectively in channeling funds to areas that are of most concern to BRICS countries. Such support will continue to be important for the economic recovery of BRICS countries.

The Friday meeting was co-chaired by Liu and China's central bank governor Yi Gang, with the participation of finance ministers and central bank governors from other BRICS countries. China is the chair of BRICS this year. BRICS is the acronym for an emerging market bloc that groups Brazil, Russia, India, China and South Africa.