Despite shared rapid economic growth, BRICs have different development modes

Chen Jiagui（1） and Zhang Xiaojing（2）

1 Director of Economics Division, Chinese Academy of Social Sciences (CASS)
2 Professor and Director of Macroeconomics Department, Institute of Economics, CASS

Abstract:

Amid the current international financial crisis, the likes of which likely will never be met in a hundred years, BRICs outperformed developed economies and became an indispensable force in promoting global economic recovery. This paper made a comprehensive comparison of the characteristics, potential and weaknesses of the BRIC countries from the four perspectives of growth momentum, industrialization and urbanization, relationship between government and the market in economic development, and challenges in future growth. In the end, the article pointed out that whether the BRICs can exert greater impact in global development depends on their sustainable development.

Key words:

BRICs, development mode, sustainable growth

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