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Copyright of Economy & Forecasting / Ekonomìka ì Prognozuvannâ is the property of Ukrainian National Academy of Sciences, Institute for Economic Forecasting and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper reviews the reasons, main goals and directions of association of the BRICS countries, which change the global economic order. These are: 1) interest of all stakeholders in reforming the current financial and economic architecture of the world with an allowance for the economic potentials of emerging countries; 2) commitment of association stakeholders to principles and rules of international law; 3) consolidation of efforts formodernization of economy and social life; 4) standing up to new global threats and challenges on a multilateral basis; 5) use of innovative approaches to accelerate economic and social modernization of the participating countries. The authors evaluate the potential of the BRICS countries. Prospects for cooperation of Ukraine with the countries of this Agreement are reviewed. The role of China in changing the global economic order and reforming the global financial architecture is substantiated, specific aspects of its economic development covered. Directions for economic cooperation of the BRICS are outlined with allowance for China interests. The authors show that today China has every chance of taking the global lead, competing with the USA, the reasons being: successful implementation of economic reforms, a well selected transformation strategy and the value system itself of Chinese society, which is better transformable and adaptable to the varied global environment than in other BRICS partner countries. [ABSTRACT FROM AUTHOR]