The current international monetary order is failing to provide the necessary tools to cope with episodes of capital flow volatility. In the short term, the BRICS countries should step in and take steps to address this issue. In the long run, they should seek to reform the monetary system and promote international financial stability.

China is increasingly portrayed as the next disaster in a crisis-prone world. Stephen S. Roach disagrees, recognizing his minority opinion. Roach argues that without China, the world economy would already be in recession, citing the IMF’s October World Economic Outlook.

China needs to continue improving the RMB’s attraction as a financial transaction currency by marketizing the exchange rate and opening up the capital market. In the long-term, it means that the RMB internationalization will be more driven by being used in pricing and as reserve currency rather than by cross-border trade settlement.

Chinese contractors have recently built a railroad in Ethiopia that will connect it to the ocean. The railroad promises to streamline Ethiopia’s exportation process. It is hoped that this new development will boost economic growth in Ethiopia, which has recently stagnated due to a historically bad drought and increasing civil strife.

The China-Israel Financial Protocol ('Financial Protocol'), signed 20 years ago has already reached a cumulative value of 2.6 Billion USD to date. The Financial Protocol facilitates the introduction of advanced high-tech Israeli goods and services to China by providing government insurance to reduce risks and financial costs. In this respect, the Financial Protocol sets a good example for the implementation of the Road and Belt Initiative, although it is not specifically included in the scope of diplomacy.

A closer look at the Maritime Silk Road plan suggests that materializing the ambitious initiative is facing several challenges due to grievances with some stakeholders in the Indo-Pacific. If China wants to materialize the initiative, it has to return to its so-called “Peaceful Rise.”

Despite the current rash of nationalism and protectionism around the world, there is every reason to believe that the next high tide of globalization – thanks to the joint efforts of the international community – will bring greater and more inclusive fortune and felicity to humankind.

Zimbabwe’s Central Mashonaland province once produced abundant quantities of high-quality tobacco. Production then dropped heavily when Zimbabwean politicians took control of the farms and neglected the lands. But this may change, as Mugabe recently leased five large farms in the area to Chinese entrepreneurs. This development may increase tobacco production and help uplift the local economy.

Uniting and representing a great number of developing countries, BRICS will continue to be a major dialogue partner of the G7 on the G20 platform. BRICS is eager for international peace and stability, and it calls for a fairer and more reasonable international order and its due say in international affairs.

Economic and trade cooperation plays a prominent role in the global economic governance system. With both countries facing new economic environments and opportunities, it’s extremely importance to deepen cooperation for their own benefits and for overall global prosperity.