It is generally believed that Goldman Sachs was the first to put forward the concept of "BRICs". In October 2003, Goldman Sachs published a global economic report entitled "dreaming with BRICs". The report estimates that by 2050, the world economic pattern will undergo a drastic reshuffle; The world's new six largest economies will become China, the United States, India, Japan, Brazil and Russia.
The traditional BRIC countries (BRIC) quote the English initials of Brazil, Russia, India and China. Because the word is similar to the English word brick, it is called the "BRICs". After South Africa's accession, its English word will be changed to "BRICs" and renamed "BRICs". On April 14, 2011, the third BRICs leaders' meeting will be held in Sanya, China. The leaders of the five countries will discuss how to coordinate and respond to major international issues, how to deepen and expand mutual cooperation, and how to strengthen the BRICs cooperation mechanism.
Introduction to BRICs
B - Brazil is the largest developing country in the southern hemisphere, with its land area and population accounting for more than one third of Latin America respectively. Brazil's economy has continued to grow rapidly in recent years, with an increase of 5.1% in 2008. Its GDP reached US $1.23 trillion and its per capita GDP was US $6485. Brazil has become one of the world's major economic powers.
R - Russia on December 21, 1991, the former Soviet Union disintegrated. On December 25, the official name of Russia was changed to Russian Federation. Due to the high oil price in recent years, Russia's foreign exchange and gold reserves have jumped to the third place in the world. However, Russia is still the weakest of the BRICs.
I - India is regarded as a symbol of the Asian economic miracle. Since the beginning of economic reform in 1991, India's GDP has been growing steadily, with an average annual growth rate of about 6%. It is reported that by 2020, India will be one of the fastest growing countries in the world.
C - China's international public opinion holds that among the "BRIC countries", China is the most prominent in economic development. Since the reform and opening up, China's economy has grown at an average annual rate of more than 9% in the past 30 years. Goldman Sachs research report said that as long as the current development trend is maintained, China's economic scale will surpass Japan in 2016 and the United States in 2041.
S - South Africa in December 2010, South Africa officially joined the BRICs cooperation mechanism, and its stable economic development has attracted widespread attention. South Africa is the fourth largest mineral country in the world. The reserves and output of gold and diamonds rank first in the world, and the mining industry ranks first in the world. South Africa has made full use of the international market to promote the rapid growth of trade and investment. Relying on the eight major ports including Durban and Cape Town, South Africa's goods trade can directly radiate to the surrounding developed countries, and also provide strong support for the economic development of the whole Africa.