2016-10-16 20:13:32 CRIENGLISH.com Web Editor: Xu Yaqi
Finance officials attending the BRICS summit in the Indian enclave of Goa this weekend are suggesting the sessions have provided a good opportunity to update themselves on the work they've been doing since they last met.
CRI's Zhao Jianfu explains.
The meetings come just a month after the much-larger G20 Summit was held in Hangzhou, where the world's major economies - including all the BRICS nations - mapped out plans for dealing with rising uncertianty in the global markets.
Speaking ahead of the meetings, Chinese Finance Minister Lou Jiwei says BRICS members need to follow up on what they've been doing since the G20.
"The BRICS nations are also good partners in the G20 format, at least in terms of financial issues. All the leaders have agreed on structural reforms. India is getting along with it. Brazil has found that it's urgent for it to start structural reforms, and its new government is preparing its program. So has South Africa. And Russia is as well, as it depends heavily on energy resources."
Lou Jiwei says all the BRICS countries attending the weekend session in Goa do acknowledge that there is no way out except structural reforms, but say they do believe they can be easily coordinated among the group.
But at the same time, Lou Jiwei does admit that sort-term solutions are no longer working.
"Among all the economic tools we have, including fiscal policies, monetary policies and structural reforms, all BRICS countries are now working under the belief that monetary policy changes are no longer effective. It's time for fiscal policies to take the lead. But what's more important is that financial policy changes should be part of broader structural reforms. Short-term stimulus is generating fewer and fewer effect on an economy, so we have all agreed that its time to start discussing mid-and-long-term issues."
The BRICS countries represent over one third of the world's population and about one firth of its economy.
For CRI, this is Zhao Jianfu