BRICS expectations

The joint declaration that leaders of China, Brazil, Russia, India and South Africa issued in Sanya on Thursday highlighted "a new model" of global economic cooperation and an important way of pursuing multilateralism.

At a time when the world is yet to find solid footing for a lasting recovery from the worst recession in more than seven decades, the international community has ample reasons to pin high hopes on strengthened dialogue and cooperation among these emerging economies.

As President Hu Jintao precisely pointed out, "the biggest imbalance in the world economy is the development imbalance between the North and the South".