BRICS cooperation complements with B&R Initiative
During its presidency of BRICS, China proposes the model of "BRICS+", inviting new members to take part in the bloc's cooperation.
"BRICS+" is expected to become an important platform through which the developing countries and emerging economies can take part in global governance.
The Belt and Road is a community with common interests and shared destiny. The Initiative complements with the BRICS cooperation in many senses, with each having different emphases.
The main objective of "BRICS+" is to coordinate the stances of the developing countries in areas of cooperation in politics, economics and culture. The Belt and Road Initiative focuses more on economic and trade cooperation.
The New Development Bank can supplement the Asian Infrastructure Investment Bank and the Silk Road Fund, reducing financial risks.
The synergy between the Belt and Road Initiative and the respective economic development plans of the "BRICS+" can effectively draw on each other's strengths to serve the world economy and global governance.
(The author is a professor of international trade at the University of International business and Economics. The translator is Li Yang.)
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