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The BRICS countries are the key suppliers of raw materials for the global economy, Chinese Vice Finance Minister Zhu Guangyao said at the 4th Economic and Financial Forum of BRICS Countries that was held in Beijing on 12 January 2016.
"Emerging economies, including the BRICS countries, are a new force. Their aggregate gross domestic product exceeds 20 percent of total global GDP. By 2020, these countries will account for about 25 percent of the global economy," Zhu Guangyao said. He expressed confidence that the BRICS economies will continue to grow despite a number of challenges that they will face.
Zhu Guangyao also said that pessimistic forecasts of the BRICS countries' development were largely based on the overall downward trend in global economic growth. "We are facing new challenges but we also have new opportunities that will require the strengthening of our cooperation and the pooling of our efforts," the Chinese Vice Finance Minister said.