BRICS through the window of US hegemony
Xi Jinping wants to turn BRICS into a bloc to be reckoned with.
On Monday, Xi touched down in Johannesburg, South Africa, for the 15th BRICS Summit and was scheduled to deliver a speech at the BRICS Business Forum the following day.
But he didn’t deliver his speech.
- We don’t know why, but Xi ultimately didn’t attend the forum, handing off his prepared remarks to Commerce Minister Wang Wentao.
- For now, we’ll refrain from speculating about Xi’s unexplained absence.
Xi’s prepared remarks touted developing world solidarity and called for BRICS expansion (Xinhua):
- “The collective rise of…developing countries…is fundamentally changing the world landscape.”
- “I am pleased to see that more than 20 countries are knocking at the door of the BRICS, and China sincerely welcomes everyone to join.”
Sadly, Xi noted, there is a big US-shaped raincloud looming over everything:
- “Some countries are unwilling to lose their hegemonic position and wantonly contain and suppress emerging markets.”
Get smart: Xi’s message will resonate with developing countries who feel overlooked, underserved, or unfairly targeted by the Western-led global economic system.
Our take: It'll take more than economic grievance alone to turn BRICS into a viable counterweight to the G7 and its ilk.