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China remains key driving force for global economic growth: Brazilian scholar

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China remains key driving force for global economic growth: Brazilian scholar

2025-07-08 17:44 Last Updated At:22:37

China's economy has sustained robust endogenous growth momentum and has become a key driving force in global economic expansion, said Ronnie Lins, director of the China-Brazil Center for Research and Business.

On Saturday, the leaders of the 11 largest emerging economies signed the Joint Declaration of the 17th BRICS Summit in Rio de Janeiro under the banner of "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance."

The declaration warned of rising global trade restrictions, citing indiscriminate tariffs, non-tariff measures, and protectionism masked as environmental objectives. These trends, it noted, risk disrupting supply chains and diminishing global economic growth prospects. BRICS condemned unilateral coercive measures and opposed sanctions not authorized by the United Nations (UN) Security Council.

In an exclusive interview with China Media Group (CMG), Lins emphasized China's pivotal role in strengthening BRICS cooperation amid supply chain uncertainties.

"BRICS needs to accelerate the creation of production chains among its members that are less exposed to the dollar-based financial system and promote inter-operable sovereignty, digital currency. Additionally, a shared digital infrastructure can drive the BRICS new economic order by a connected payment system, logistic networks and data platforms across member countries. China despite external pressure continues to renew itself by investing heavily in manufacturing, semiconductors and the green transitions. Its economy continues to serve as strong and self-driving engine to global growth," he said.

China has remained Brazil's largest trading partner for years, with bilateral trade volume exceeding 188 billion U.S. dollars in 2024. Brazil is also China's largest economic and trade partner in Latin America.

The Joint Declaration also called for all parties to deepen strategic partnerships by promoting peace, advancing the establishment of a more representative and fairer international order, revitalizing multilateral systems, and encouraging sustainable development and inclusive growth.

Lins highlighted BRICS' growing role in global diplomacy, stressing its ability to mediate key issues through collaborative, solution-driven approaches

"BRICS hold a unique ability to act as a long-aligned mediator and earn credibility in both the west and the developed world. Instead, following a block-based logic, the BRICS build a diplomacy of solutions that's focus on the key issues such as climate change, food security, energy and artificial intelligence. China and Brazil, for example, can lead the joint humanity initiative in peace corridors and conflict mediations. This kind of action adds legitimacy to BRICS, and proves that the group delivers practical solutions rather than empty rhetoric," said Lins.

Lins also emphasized the evolving nature of trade relations between China and Brazil over the years, highlighting their shift from commodity exchanges to collaborative ventures in high-value industries.

"China and Brazil's partnership shifted from the commodity-based trade relationship to a high value-added corporation. Today both countries collaborate on projects in renewable energy, electric mobility, digital infrastructure, biotechnology and exchange of artificial intelligence technologies. The most innovative [idea] lies in the synergy between sustainability and technology. Chinese companies invest in green projects in Brazil, while Brazilian startups access the Chinese market through platforms. I remain optimistic because the suit of complementarity between the two countries is increasingly giving way to the co-innovation model where both sides collaborate together instead of exchanging goods," he said.

BRICS, representing over half the global population and nearly 30 percent of global GDP, continues to demonstrate growing influence in global governance. The group now includes 11 full member states and 10 partner countries, underscoring its expanding role in diplomacy and cooperation.

China remains key driving force for global economic growth: Brazilian scholar

China remains key driving force for global economic growth: Brazilian scholar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0108 against USD Monday

Chinese yuan strengthens to 7.0108 against USD Monday

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