Success of Chinese Reform Is Key to BRICS’ Rise

International organizations like the World Bank and the International Monetary Fund balk at including Asian representatives in leadership positons. China therefore seeks to lead another global system formed by top developing nations known as BRICS. “It is also understandable why China’s poor and often resentful BRICS cousins are willing to assist its global self-assertion,” writes Pankaj Mishra, Bloomberg columnist. “India and South Africa need easier access to one of the biggest reservoirs of savings in the world; Russia, ostracized after its annexation of Crimea and cynical maneuverings in eastern Ukraine, seems keen for the respectability endowed by international forums.” Too often, BRICS leaders are intent on pursuing power rather than improving life for their citizens. Growth of the BRICS depends on foreign investors, commodity booms, cheap credit – and essentially business from the West. China is best positioned to rival the United States, but must enact a series of reforms for sustainable growth. – YaleGlobal