Brics want to build - not replace - financial structure

Beijing

THE Chinese name for the emerging Brics economies - Brazil, Russia, India, China and South Africa - means "golden brick". As there is no translation of Brics, the Chinese chose this pleasant-sounding approximation, as they do for many western terms. The moniker is a suitable metaphor for how these countries want to operate in the world's financial architecture - by building new elements for, rather than replacing, the present structure.

During last month's annual Brics summit hosted in Xiamen, leaders reiterated their willingness to work with the existing global framework. They paid close attention to improving global economic governance, making mention of institutions including the International Monetary Fund (IMF), World Trade Organisation (WTO) and the Group of 20 (G-20). The summit's official communiqué raised issues with each organisation, foremost the IMF.