Commentary: Meeting of BRIC leaders set to promote cooperation among each other

by Xinhua Writer Ming Jinwei

BEIJING, June 14 (Xinhua) -- Leaders of China, Russia, Brazil and India, the so-called BRIC emerging economies, are to meet in Russia on Tuesday. The meeting is set to promote cooperation among the four countries to deal with the ongoing global financial crisis.

The meeting of the leaders of the BRIC countries will highlight their common challenges and interest in the face of the financial downturn and pave the way for furthering their cooperation to deal with the crisis in the future.

Confronted by the financial crisis, the BRIC countries, as major emerging economies, also face similar challenges and share common interest in containing the crisis.

Ever since the U.S. subprime mortgage crisis broke out in the summer of 2007, the crisis has posed serious challenges to the BRIC countries. Their economic growth has slowed down and foreign trade withered as external economic conditions deteriorated.

The BRIC countries have common interest in stabilizing the world economy, repairing the global financial system, promoting economic recovery and opposing protectionist measures.

The meeting of the leaders of the BRIC countries will also send a message of unity among the four countries about rebuilding the global financial system and thus getting the world better prepared for more sustainable economic growth.

The financial crisis, as many have known, is a result of ill advised macroeconomic policies by some advanced economies and their failure to enforce vigorous regulation over the ever growing financial industry.

The crisis has exposed the vulnerabilities of the current global financial system where advanced economies hold sway and under which the international supervision of their macroeconomic policies and monitoring of the risks accumulated in their financial industry are inadequate.