Emerging economies seek more balanced international system and share a vision for fairer global governance and common growth

The recently concluded BRICS summit in Sanya, Hainan province, has once again highlighted the importance of emerging economies in the transformation of the international political and economic order.

The meeting, which brought together the five fastest growing economies, resulted in a statement elaborating their vision for common development and shared prosperity and put forward many new initiatives for global economic governance. With the participation of South Africa, the largest economy in Africa, the summit also added new geopolitical significance.

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International opinion has varied in response to BRICS. Some acclaim it as the advent of a multi-polarity era and say this forward-looking group will have far-reaching consequences, not just for the five countries themselves, but also for the peaceful and orderly transition to a more just and democratic world.

Others are concerned about the challenges it may pose to the West-dominated world and argue that as a non-Western grouping, BRICS may push for its own agenda at the expense of the West.

For still others, BRICS is merely an ad hoc group, the countries are not really united, and it is only China that makes it possible. They argue that BRICS mainly serves China's interests as it seeks to change the West-dominated global system through multilateral diplomacy.