Goldman chief backs China

Goldman Sachs Asset Management chairman Jim O’Neill yesterday said China should be ditched from the “Brics” concept he originally coined because it had grown too important. Speaking at the London School of Economics, O’Neill said China was so far ahead of its “Brics” counterparts – Brazil, Russia and India – it should not be included. “China is of a scale of importance which is way more than the other three,” he said.