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SCO, BRICS members have eye on driving growth

Reporter: Xing Zheming 丨 CCTV.com

07-11-2015 11:45 BJT

Full coverage: President Xi Attends BRICS, SCO Summit

Full coverage: China’s Leaders

Besides mapping out the development plan for the next stage, participating countries of the SCO and BRICS summits have given weight to advancing economic integration, and trying to be the new growth engine for the world economy.

Today's global economic landscape is a lacklustre picture. The United States, the world's biggest economy, reported a 0.7 percent decline in its first quarter growth. And in Europe, the Greek debt crisis adds more uncertainties to the fate of the single-currency bloc.

Among the emerging economies, Brazil and South Africa are standing at the crossroad of reform, pressured by formidable challenges. Russia, faced with threaten of western sanctions, is seeking breakthroughs to propel its economy.

No surprise that countries attending the SCO and BRICS summits in Ufa focused on how to link their development agendas.

Linking the strategies of these agendas with China's Belt and Road initiative will be a major topic of the SCO summit.

In 2013, President Xi Jinping proposed revive ancient trade routes between Asia and Europe. The network passes through more than 60 countries and regions, with a total population of 4.4 billion.

President Xi suggested to Russian President Vladimir Putin, that their two countries dovetail China's Belt initiative with Russia's aspiration under the Eurasian Economic Union framework.  He also called for expanding room for practical cooperation, and facilitating the development and prosperity of the whole Eurasian continent.

The BRICS summit marked the entry into force of the New Development Bank (NDB) and the Contingent Reserves Arrangement (CRA). The two are expected to act as powerful instruments for financing infrastructure investment and sustainable development projects in the BRICS, and other developing countries and emerging market economies.

Statistics released by the International Monetary Fund show that in the past decade, the five BRICS nations contributed more than 50 percent to the world growth. By 2030, the bloc is expected to see higher growth rates than most developed countries, and most other emerging economies.

A Goldman Sachs report estimates that by 2020, the proportion of consumption by the BRICS to the world total, will reach as high as 62 percent, from the current 23 percent.

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