China, BRICS and the Evolution of the Institutional Order of the Global Economy

Document Type : Research

Authors

1 Associate Professor International Relations, Department of International Relations, Faculty of Law and Political Science, Kharazmi University, Tehran, Iran.

2 PhD student of International Relations, Department of International Relations, Faculty of Law and Political Science, Kharazmi University, Tehran, Iran.

Abstract

Cooperation among Brazil, Russia, India, China and South Africa (BRICS) has been increasing since the first BRICS meeting (Brazil, Russia, India and China) in 2006, and this group has gradually gained a more important position in the field of international economic issues. In the BRICS group, despite being limited, the members along with China have tried to counter the global hegemonic financial institutions by establishing new financial institutions in the frame of BRICS, One-Belt-One-Road. This study attempts to examine the role of growing China in BRICS and how to change the governance of the global economy and the potential of its independent initiatives for the impact of BRICS on the global economy. On the other hand, China is considered an emerging power that is rapidly improving its position in the international economic order. In such a way that it is likely that this country will become the future hegemonic power of this area. his article tries to answer the question: How did China use BRICS to transform the world economic order in 2009-2020? This paper will show that the diversity of BRICS members limits the use of their potential to change the governance structure of the global economy. It is important to note that the economic policies and internal interests of China, India, and other members of the BRICS are different, and this makes them have different preferences and positions in the international system.

Keywords

Main Subjects

References

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International Political Economy Studies
Volume 5, Issue 2
December 2022
Pages 415-446

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History

  • Receive Date: 04 September 2021
  • Revise Date: 28 April 2022
  • Accept Date: 16 July 2022

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