News Snapshot:
Chinese President Xi Jinping with Brazil's former President Michel Temer meeting in 2017. Brazil and China are original members of the Brics. Photo by Lintao Zhang/Pool/Getty Images. In 2001, when Chinese economic output was worth around $1.3trn (less than the UK’s GDP), the Goldman Sachs economist Jim O’Neill wrote a briefing note: Building Better Economic Brics. In it, he predicted the growing importance of emerging markets in Brazil, Russia, India and China (South Africa was added in later). Today, Chinese economic output is worth around $18trn, or about five and a half times the size of UK GDP. Now, as...
