China Is Driving the BRICS Train

Until China reforms its economy, the BRICS acronym will continue to denote extravagant ambition rather than genuine ability.
China, the weak glue holding the BRICS together.

Rarely has an acronym led such a charmed life as BRICS. Casually invented by former Goldman Sachs Group Inc. economist and Bloomberg View columnist Jim O'Neill to label emerging markets of promise, it actually brought together leaders from the disparate countries of Brazil, Russia, India, China and South Africa. Last week in Brazil, they took a decisive step toward building institutions that could plausibly challenge the long geopolitical and economic ascendancy of the West.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.