BEIJING  — Despite the current difficulties of BRICS economies, their economic fundamentals remain unchanged and better cooperation will help them tackle global challenges, said Chinese Vice Finance Minister Zhu Guangyao.

In an article in Monday’s “Economic Daily,” Zhu acknowledged that downward pressure on the global economy and fluctuating capital flows are negatively affecting the bloc of Brazil, Russia, India, China and South Africa. However, these nations will not lose their appeal, Zhu pointed out, citing a string of factors including economic scale and cooperation within the bloc.

“Emerging economies, especially BRICS, represent the upward power on the global stage,” he wrote. BRICS accounts for over 20 percent of the global economy, and the share is expected to reach 25 percent by 2020, he noted. The bloc is also home to over 40 percent of the world’s people.(Xinhua)…[+]