Healthy global interaction will help Chinese entrepreneurs' innovation
For Jim O'Neill, the economic grouping he gave a name to is a key building block in the world economy and an important cog in global trade, finance.
If the global financial crisis had not broken out in 2008, the nifty acronym BRIC, and everything it stands for, might still be lying dormant in a Goldman Sachs report somewhere, waiting for a chance to see the light of day.
Summit tipped to announce establishment of bank
Durban summit is BRICS' first on continent, and members hope to deepen involvement in Africa.
In case there is no real progress on the development bank front, the BRICS summit is expected to launch a "virtual pool of reserves" to provide financial support to member states in times of need.
Leaders of BRICS countries will consider establishing a development bank and foreign exchange reserve pool at its fifth summit, a Chinese Foreign Ministry official said Wednesday.
Food security will be a major issue on the agenda of the 5th BRICS summit to be held in Durban, South African Agriculture.
The fifth BRICS summit should focus on finding ways of enhancing relations between BRICS members and the African continent.
South Africa expects the upcoming BRICS summit to "contribute immensely to satisfying the employment and development needs of our young population," President Zuma said.
If a BRICS Development Bank is based in South Africa, it will "definitely improve growth" in African countries.
Chinese President Xi Jinping said Tuesday that cooperation among BRICS countries is conducive to a more balanced world economy and the improvement of global economic governance.