The geopolitical landscape has certainly been ever-changing over the last several years. That has, in large part, been due to the rising prominence of the BRICS economic alliance. Subsequently, amid that shift, BRICS mainstay China has seen its economy experience major growth.
Indeed, China’s National Bureau of Statistics released the nation’s Q1 GDP figure in April. That showcased an impressive growth trajectory, with the future up more than 5% year over year. Moreover, that significantly outpaced expectations of a 4.6% increase, showing momentum forming for the BRICS leader and potentially for the bloc collectively.
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BRICS Bloc to Benefit From China’s Surging Economic Growth in 2024
Throughout the last year, global economics has undergone the beginnings of notable transitions. Indeed, geopolitics has seen the BRICS alliance emerge in hopes of orchestrating a multipolar world. That has been driven by its de-dollarization efforts, as it seeks to lessen international dominance by Western finance.
That goal may well be accomplished by the BRICS bloc, as China has seen its economy experience major economic growth just a few months into the year. Its overall GDP has far outpaced forecasts, with a host of sectors leading its overall growth throughout 2023.
Conversely, one of the largest facets of the economic growth China has enjoyed is connected to its oil demand. The overall positive performance of its economy has driven oil demand up, although it has not yet impacted its price. Still, it could impact the overall oil sector in another massive way.
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Specifically, China has purchased discounted oil from both Russia and Iran at discounted prices. However, this is important because it can feed into one of the alliance’s most important initiatives; de-dollarization.
This oil is being purchased primarily through the yuan. That is both good for Chian and the overall alliance. The consistent absence of the greenback is a notable facet of the BRICS continued plan. Alternatively, the promotion of the alliance’s local currency thus impacts its overall journey toward multipolarity.
Altogether, China’s economy could be a major driving force in these other facets. With so many experts concerned over the US dollar’s fate, it may not have come in a better year. The alliance is looking to surge in overall value through the continued growth of its most prominent participants.