Multidimensional cooperation strengthens ties among Greater BRICS members: expert

The future of BRICS cooperation is set to be multidimensional and increasingly practical, with deeper economic collaboration, particularly in the green industry, said an expert.

The three-day BRICS summit wrapped up on Thursday after gathering global leaders and officials in Kazan, the capital of Russia's Republic of Tatarstan. Notably the event was the first to be held since the expansion of the BRICS group earlier this year.

In an interview with China Central Television (CCTV), Wei Liang, an associate research professor of China Institutes of Contemporary International Relations (CICIR), stated that the just-concluded BRICS summit will facilitate deeper cooperation across a broader range of fields.

"Looking ahead to the future of Greater BRICS cooperation, it is clear that collaboration will be multidimensional and increasingly practical. Cooperation will extend into more fields, and the prospects for BRICS collaboration have been thoroughly discussed at the summit. Additionally, economic cooperation among BRICS members will deepen. For instance, in the green industry, BRICS countries exhibit a high degree of compatibility and complementarity in resources, technology, markets, and manpower. Given this context, it is entirely feasible to establish a substantial market that leads the BRICS nations toward a green revolution and transformation, while simultaneously creating a green industrial chain to contribute to the global response to climate change," said Wei.

"In terms of innovation, numerous research centers, cooperation centers, and collaborative networks have been established in China, playing a pivotal role in driving innovation cooperation within BRICS. This leadership has served as an exemplary model, fostering the expansion of innovation collaboration into new areas. Building on this foundation, it is important to note that BRICS is dynamic; the opportunities we observe will undoubtedly be translated into cooperative actions between BRICS and partner countries, simultaneously enhancing collaboration among BRICS and Greater BRICS in deeper fields," he said.

Multidimensional cooperation strengthens ties among Greater BRICS members: expert

Indonesia issued offshore bonds denominated in Chinese yuan, or dim sum bonds, totaling 9.25 billion yuan (about 1.34 billion U.S. dollars) in February, marking its second issuance of the yuan-denominated bonds.

The country issued the RMB bonds for the first time last October, with a total value of 6 billion yuan (about 870 million U.S. dollars).

The bonds were issued with maturities of three, five and 10 years.

Analysts point out that the competitive yield of RMB bonds will help Indonesia further optimize its financing structure and reduce capital costs against the backdrop of high global interest rates and rising financing costs in U.S. dollars.

"At the current situation, the global economies start to change and the financial sector is already evolving, also, and the RMB now is in the internationalization phase. So we see this is an opportunity for the Indonesian government to diversify and further lower the cost of funding," said Fakhrul Fulvian, chief economist and head of fixed income research with Trimegah Sekuritas, a company engaged in the brokerage and underwriting of securities.

"That demonstrates the depth, liquidity and attractiveness of Hong Kong's dim sum bond market, even for tenure as long as 10 years," said Handojo Wibawanto Soetikno, marketing director of Jakarta Branch of the Bank of China.

Dim sum bonds are RMB-denominated bonds issued outside the Chinese mainland, mainly in Hong Kong.

Indonesia issues RMB-denominated bonds of 9.25 billion yuan