The first BRICS summit since its expansion in 2023 focused on reducing reliance on the US dollar and the SWIFT system. The group, which has nearly doubled in size in 2024, now represents half of the world’s population and a quarter of global GDP. Despite its growth, critics argue that there are deep differences among its members and the alliance has struggled to define its purpose.
BRICS is aiming to decrease global dependence on the US dollar, with discussions at the recent summit in Russia centered around creating an alternative to the SWIFT international payment system. The goal is to increase financial independence and reduce vulnerability to US sanctions.
In other news, China is facing challenges in stabilizing its property market, a key engine of economic growth. As the market begins to show signs of instability, the government is implementing measures to control speculation and prevent a potential crash.
Tech giants are also making headlines, with some companies exploring the possibility of going nuclear to power their data centers. This shift towards nuclear energy is driven by the need for reliable and sustainable power sources to support the growing demands of the tech industry.
Overall, the BRICS summit and developments in China’s property market and the tech industry highlight the evolving landscape of global economics and politics. The push for greater financial independence and the exploration of new energy sources are key trends to watch in the coming years.
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