News Detail

On 23rd June 2022, President Xi Jinping chaired the 14th BRICS Summit in Beijing via video link. The summit adopted and released the XIV BRICS Summit Beijing Declaration, in which the BRICS Think Tank Network for Finance, a new initiative launched by China under the financial cooperation mechanism, was included. “We welcome the establishment of the BRICS Think Tank Network for finance. We expect the think tank network to work independently and provide intellectual support for knowledge sharing, exchange of experience and practices, and cooperation on financial and fiscal issues among BRICS countries with authorisation, so as to address global challenges and safeguard the common interests of emerging markets and developing countries.” Previously, the BRICS Think Tank Network for Finance was officially announced at the meeting of BRICS finance ministers and central bank governors held in June 2022.

Currently, international community in particular developing countries are eager for economic recovery and sustainable development, and generally hope that emerging economies, including BRICS countries, will play a greater role. Strengthening research cooperation on finance, especially playing the role of think tanks in the finance area, can provide intellectual support for BRICS countries in strengthening cooperation against the pandemic, promoting economic recovery, and advancing practical cooperation. To this end, as the current holder of the presidency of BRICS this year, China launched a new initiative under the financial cooperation mechanism to establish the BRICS Think Tank Network for Finance (hereinafter referred to as the Network), which received positive responses and widespread support from BRICS members. Member countries believe that the Network provides creative solutions for developing countries to meet shared challenges and expect the Network to provide substantive support for BRICS members in their financial cooperation, inject more momentum into BRICS financial cooperation and build more consensus for sustainable development.

At this meeting of BRICS Finance Ministers and Central Bank Governors, the Concept Paper of the BRICS Think Tank Network for Finance was adopted, defining the scope of work, cooperation modalities and research direction of the Network. The Network will cooperate among national-leading financial think tanks, with each BRICS country designating a think tank to take the lead and cooperate in an autonomous and flexible manner. The research of the Network will focus on issues of significant importance in theories and policies to emerging economies and developing countries, such as sustainable development, macroeconomics, financial policies, digital economy, and climate change, etc. The Network will promote high-quality collaborative research among BRICS financial think tanks and produce relevant results for the reference of BRICS finance ministers and central bank governors. The establishment of the Network will help strengthen the exchange of experience and knowledge sharing among BRICS members in the field of finance and economics, enhance the capacity building of BRICS members, deepen communication and exchanges, improve understanding among all parties, and contribute BRICS think tank solutions and strengths to achieve common global development and promote the building of a community of a shared future for mankind.

Chinese Academy of Fiscal Sciences, as the leading Chinese think tank in the Network, will deepen its research and work closely with the finance think tanks of the member countries to promote consensus among them and provide more and better “BRICS wisdom and power” for the world.