An Opening-up China in the World Economy
——Toward Integrated and Interactive Development
Looking at the relationship between China and the rest of the world from the economic perspective of interactive development offers a clear picture of China’s economic rise in relation to the world economy. For the past 30-odd years, the world economy in a globalized era has exerted a profound influence on China. On the other hand, China’s economic growth has been built on its factor endowment, comparative advantage, and integration into the world economy, creating and sharing the dividends of globalization. For the next three decades, the Chinese economy will begin to exercise more power in the world economic landscape at a higher level and with more profound impact. In particular, with sustained economic growth and rising international standing, China will play a larger role in a new round of restructuring of world political and economic order and regulations. Driven by the fusion of marketization, globalization, and IT application, the Chinese economy will forge ties with the world economy in an integrative and interactive manner. This pattern of relationship not only requires rule-based and more institutionalized development on China’s part, but also necessitates effective balancing and repair mechanisms on the part of the rest of the international community to maintain and foster the integrative and interactive ties for win-win and multi-win purposes.
BRICS’ Cooperation under World Economic Structure Adjustment
Efforts to cope with the global financial crisis lead to global dialogue and cooperation； however, equal consultation and effective cooperation between developed countries and developing countries still faces many limits. As the representative of the emerging market countries, the BRICS is the key variable in the current world economic structure adjustment. The BRICS is not only the main force driving the global economic governance mechanism change, but also relates to developing countries’ appeal of a fair and reasonable new international political and economic order, and involves in emerging market countries’ effort on a continuation of their own development advantages. Accordingly, the world economic structure adjustment is not only the driving power for the BRICS countries to strengthen their cooperation, but also brings five new challenges, which are economic growth, market regulation, element configuration, management ability and the cooperation mechanism. For the BRICS cooperation strategy, to promote "incremental changes" in the global economic governance system and carry out "vacancy-filling reform" in the global financial system are their current key characteristics. In future, effective cooperation among the BRICS countries depends on the economic strength, interests ties, mechanism construction and execution. Among them, the economic strength and the interests ties are the kernel of the BRICS cooperation, mechanism construction and execution are the external performance of the BRICS cooperation.