Part of the reason why China is seeing inflation is massive economic growth enjoyed by the nation. The growth in China, as well as the growth of the BRIC economies, was the subject of a recent summit held in Sanya, China’s southernmost city in the Hainan province.
The BRIC nations — Brazil, Russia, India, China — have all become important and powerful economic forces. Together, they’ve soared past the original predictions of Goldman Sachs executive Jim O’Neill, the man who coined the acronym BRIC, regarding what influence these countries were going to have.
Interestingly, the BRIC summit was actually a BRICS summit, as it included South Africa. The inclusion of another country here in the same breath as the original BRIC nations is significant, because it’s transformed the group into a truly global entity. South Africa is largely seen as a gateway for BRIC trade and investments into the resource-rich nations of Africa. Read