LONDON, July 16 (Xinhua) -- Former Goldman Sachs chief economist Jim O'Neill has said he still firmly believes in the potential of emerging economies represented by BRICS.X O'Neill coined the acronym BRIC, which refers to Brazil, Russia, India and China as emerging economies with fast growth and great potential. South Africa later joined to make the term BRICS.
In a recent interview with Xinhua, O'Neill refuted the idea that the radiance of BRICS has dimmed.
"Of course it is true that the rate of growth of all the BRICS countries has slowed from what it was in the Noughties but that doesn't surprise me because there was no way they were going to continue to grow at the same pace," he said.
"So I know it's very fashionable to say that the BRICS' influence has dimmed, but so long in particular that China is the center of the BRICS, it's a ridiculous idea," he said.
The five BRICS countries represent some 44 percent of the world population and 23 percent of the world economic volume. "One of the main reasons why I thought of the BRIC acronym was because I had already become quite infatuated with China," O'Neill said.
The renowned economist, who first visited China in 1990, said China's role in helping solve the Asian financial crisis in 1997 and 1998 was "the first real sign" of China's ability to influence the world.
