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BRICs to speed up development after financial crisis

(Xinhua)
Updated: 2009-06-15 13:21

The BRIC countries can grow faster than the world's major developed nations once the global economic crisis ends, says an expert of Russia.

Lev Frainkman, an expert from Russia's Institute for the Economy in Transition, told Xinhua in a recent interview that the BRIC countries -- Brazil, Russia, India and China -- have prepared themselves well in each of their macroeconomic fields against the crisis.

The countries have also shown their capabilities in such areas as the allocation of funds for anti-crisis plans and expanding domestic demand, he said.

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Judging from key indicators, including scales of government budget deficit and debt, and volumes of reserve funds, Frainkman said the BRIC nations "have relatively ample resources in realizing future development."

The first meeting of BRIC leaders, scheduled for mid-June in Yekaterinburg, Russia, has sent out a signal that the countries are willing to actively engage in mutual cooperation, the expert said.

Frainkman spoke highly of China's "special role" among the BRIC countries. He said China's economic development bears a potentially huge influence on the pricing trend of the world's resource commodities.

That development may even impact the entire global economy, he said.

China's continued purchase of US treasury notes is "a responsible policy" that can safeguard the international financial structure and stabilize the exchange rate of US dollars, Frainkman said.