As the U.S. seeks to advance its position and strengthen the U.S. dollar global dominance, it is also facing challenges and an anti-hegemonic sentiment from other states. Events such as the war in Ukraine, tensions between the U.S., Russia, and China, as well as new strategic partnerships developed between China and Europe, Latin America, and Africa, are driving forces in the shift of balance of power to non-Western nations.

It’s been a few months since China hosted the virtual BRICS Summit over the summer, but the group is continuing their efforts to bring the summit’s theme to reality: “foster high-quality BRICS partnership” and “usher in a new era for global development.”

The systemic challenge for the U.S. is not China but the worst inflation in 40 years. In fact, fragmentation does not seem to be happening in the real world. Even an Asia-Pacific version of NATO will not likely divide the region, as China will continue to be a major trade partner.

Expansion of the group can only bring positive results. When BRICS becomes stronger, it will provide other countries with bigger markets and contribute more to the green, high-quality and sustainable development of the global economy.

The BRICS and Quad organizations, led by China and the U.S. respectively, have begun making competing overtures to nations in Asia in an attempt to counter each other’s influence.

Pragmatic cooperation’ among the BRICS requires flexible and open multilateralism in a global system comprised of nation-states that should not meddle in the domestic affairs of other countries.

In the early 2000s, the BRIC economies were projected to surpass the advanced G6 economies by the early 2030s. Today, the huge potential of emerging economies prevails, but the pace has slowed and country trajectories have diverged, thanks to geopolitics.

As Brazil, Russia, India, China, and South Africa assert themselves on the world stage, who is leading this group in a multipolar world?

The BRICS are already driving the world economy. The willingness of representatives of these emerging economies will make a greater contribution to the sustainable and inclusive development of the global economy and to the improvement of global governance.

The 9th Annual BRICS Summit kicked off in Xiamen with President Xi’s keynote speech. He Yafei shares his impressions on the keynote address as well as the important messages conveyed through President Xi’s rhetoric.