Embracing challenges

Hong said the emerging economies could continue contributing to world economic stability from at least three aspects: ensuring the stability of their macro-economies, strengthening capabilities to resist external shock, actively taking part in global policy coordination and cooperation as well as global economic governance.

Vladimir Portyakov, deputy director of the Far East Institute at the Russian Academy of Sciences, said that BRICS nations, regarded as the locomotive for economic development, have provided huge commodity and service markets, which is of great significance for world economy.

Lin of the World Bank said the emerging countries have large room for development, adding that they will maintain their growth momentum and continue to drive global recovery if they could continue promoting industrial upgrading, improving their infrastructure construction and carrying out institutional reform.

Zhu of the IMF said that the 3 billion population of the emerging countries combined are now gaining more say in the world, bringing changes in many aspects such as energy demand and power transfer.

Barnard believed the BRICS nations need to further develop mutually beneficial economic relations and explore common markets while striving to expand cooperation in politics and diplomacy.

Park said the emerging countries need to explore their own consumer needs and markets in order to become a truly steady and sustained force in global economy.

Ostrovsky suggested that BRICS countries should strengthen cooperation in various fields, especially in the areas of high-tech and innovative industries.

From a long-term perspective, Ostrovsky said, they should step up cooperation in trade, finance and investment.

More needs to be done than making oral statements. They need to establish cooperation mechanisms in such areas as foreign trade and financial credit in the next five years, said Ostrovsky.