"In China's case, what the NDB has learned is success with renewables, which we then try to see whether we could take it to other countries," he said. He called this an example of "shared knowledge from our member countries."
BRICS GOING FORWARD
The BRICS nations originally enjoyed a reputation for rapid economic growth, but some critics have argued that BRICS is losing its steam. That idea, however, doesn't seem to be very convincing to some.
Singh suggested that BRICS still very much remains a good alternative to existing institutions as it offers a new model of financial governance and is even helping transform conventional Bretton Woods financial institutions. He said the NDB and Contingency Reserve Arrangement are proof of what BRICS can and is doing with their rapid decision-making, financial support in local currencies, and no-strings attached policy.
The BRICS example has already led to some reforms in World Bank and International Monetary Fund voting rights and has encouraged BRICS enterprises to evolve their own genre of financing, investments, technology transfers and market management distinct from Western multinational corporations' patron-client culture, Singh said.
"BRICS is surely seen today as the only grouping, along with the G20, that can redeem the global economy from its continued slowdown," the professor added.
Dalakoti believed that BRICS could help raise awareness of the importance of globalization, especially as some countries are reverting to isolationist and protectionist policies.
【国内英语资讯:Spotlight: BRICS summit in Xiamen brings China, India closer】相关文章:
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