The Political Economy of China’s Rising Role in the BRICS: Strategies and Instruments of the Chinese Way

Abstract

Abstract It has been 20 years since the concept of “BRICS” was first proposed in 2001, which can be treated as Group 5 (G5) from the South. As being the world’s second largest economy and largest developing country, China’s leading role in the BRICS has been widely recognized for its strategy adjustment from the international community. It is also of great importance to study the change of China’s status among BRICS countries and to analyze the development reasons from a macro and longitudinal perspective of Chinese way policy. Basically, this article analyzes the formation and function of BRICS’ institution as well as China’s role in BRICS from the perspective of political economy. As China increases political and economic strength, the influence of China’s role serves as an engine for BRICS development, from participant to practitioner and to leader. Meanwhile, as the important role of BRICS countries in the world has increased, then it will lead to a new international situation of a rise in the East (from the South) and the decline in the West (from the North). Under all these political and economic changes, it gives China an opportunity to enhance South-South cooperation as well as South-North economic integration.