Editor's note: Goldman Sachs' former chief economist Jim O'Neill coined the term BRIC in 2001. He also predicted that the BRIC nations would account for half of the world's GDP by the middle of this century. But are the BRIC nations set to replace the G8 at the center of global economic and political power? China.org.cn talked to Yao Zhizhong, head of the Department of International Investment in the Institute of World Economics & Politics, Chinese Academy of Social Sciences.

China.org.cn: Everyone knows that BRIC stands for Brazil, Russia, India and China. But can you tell us how the organization came into existence?

Yao: To be frank, the BRIC is neither an international organization nor even a group. But we have seen examples of international cooperation, such as summits, ministerial conferences and multilateral negotiations, held under this label. All these activities followed the creation of the term by Goldman Sachs' former chief economist Jim O'Neill in 2001. The 1998 Asian Financial Crisis undermined the authority of the International Monetary Fund, and the Iraq War diminished US influence in the UN. In addition, the failure of the Doha round of talks revealed problems in the governance of world trade. Meanwhile developing countries have been emerging and growing in stature as these issues developed, and they have begun to question the old rules established by the developed countries. These were the circumstances under which the BRIC emerged. Essentially, the five countries of BRICS have a common aim and purpose – to band together to redefine the international rules, working together with the developed countries of course.

China.org.cn: What were the original four countries' expectations of BRIC?

Yao: Grouping together to re-define the international rules of the game was the main aim of the original four. But their expectations of BRIC were very different. Russia is the most active member. It sees the BRIC as a mechanism to counter US hegemonism and hopes the BRIC will become a pole of influence in the world arena. Brazil also has high hopes of BRIC. It wants to become an insider in setting the rules of the game. It also wants to win support from the BRIC nations for its bid to gain a permanent seat on the United Nations Security Council. India is in more or less the situation as Brazil, apart from its close ties with the US. But it is starting to get more involved in the organization. China sees the framework as potentially creating great opportunities. It is now the world's second largest economy, and the first among the BRIC nations. Goldman Sachs predicts China will surpass the US and top the world by 2050. As its economy grows, China's influence on international affairs, including trade, finance and climate change, is increasing. But it still needs the support of other emerging countries in defining the international rules of the game.