Jean-Claude Maswana, Associate Professor of Economics at the University of Tsukuba in Tokyo and an expert in Development Economics and China-Africa Relations, underscores the role China can play in leading BRICS toward the knowledge economy.

"The world economy is becoming increasingly geared toward the knowledge economy. Most newcomers in the BRICS Plus initiative - as well as most of its actual members - are consumers, not designers or producers of technological knowledge," he remarked. "Such a hurdle will only be overcome in the long term. However, with the exception of China, nothing hints at the moment that potential incumbent nations are taking this path."

Maswana noted that the BRICS Plus initiative could act as a game changer and help other emerging and developing nations get on the right track. "BRICS Plus could enable BRICS members to have a bigger say on the world economic order," he said.

According to Maswana, the New Development Bank has played a positive role. "The needs in terms of development funding are still considerable. Competition among multilateral financial organizations will be beneficial in order to directly address some of the most pressing issues, namely infrastructure building, education and healthcare," he said.