Beijing- If the international financial crisis is coming again, how do the BRIC countries jointly prevent it or deal with it? Chen Fengying, former director of Institute of World Economic Studies in the China Institutes of Contemporary International Relations suggested two approaches: innovation and transition.

The global financial crisis broke out in 2008 has generated a comprehensive impact on the BRIC countries. “Some consider the following period will be relatively safe, but I don’t think so,” said Chen.

The BRICS Development Bank finally established, which is really of difficulties, poses an innovative spirit of the five BRICS countries. Chen noted that we also need to include other emerging economies, and what’s more, transition is needed for the current growth pattern such as upgrading the structure of industry.

By Jiang Wenran