Abstract
ABSTRACTThe year 2015 witnessed a bifurcated direction for BRICS and emerging economies: all BRICS members' economic growth slowed or stagnated, resulting in more gloomy forecasts for the future. But at the same time, the New Development Bank was set up. The progress of the preliminary institutionalization of the BRICS was mainly driven by China and Russia, which reflected their strong desire to advance a multilateral world order, and to form a new power base for the non-Western countries. The further substantial development of the BRICS depends upon its capability to overcome the structural obstacles among the five countries, amongst which the huge discrepancy between the economies and the heterogeneous nature of the membership are the most prominent ones.
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