Tag Archives: BRICS

China Voice: BRICS a stabilizer of global economy

BEIJING, July 8 (Xinhua) — A BRICS group with deepened cooperation will not only serve its five member countries and other developing nations, but also stabilize and even boost the world economy.

In upcoming days, leaders of the BRICS countries — Brazil, Russia, India, China and South Africa — will meet in Ufa of Russia for the seventh BRICS leaders meeting.

They met for the first time in 2009, launching the bloc’s cooperation mechanism. Since then, the BRICS have shown vitality and innovation through cooperation, with deepened participation in global governance.

Now these countries will set up the New Development Bank (NDB). The institution’s board of governors will hold its first meeting in Moscow to appoint members of the board of directors and the management.

The NDB shows that the BRICS bloc has transformed from a political concept to a real force for reform in the international community.

With the bank’s funding, developing countries, especially the African states, can improve their infrastructure, rather than struggling with the limited funds the current international agencies provide them.

The new development bank will cover the shortcomings of the global financial system. It is not intended to overturn the current system, but to encourage investment from developed countries and other developing countries with an open and inclusive mind.

The BRICS has become an importance platform for exchanges and cooperation among the world’s major emerging economies. It has brought real benefits for the member states, and also earned a good reputation among the international community.

This new cooperation mechanism pointed to an important trend: emerging economies are playing bigger roles in global issues.

Global economic recovery remains slow. While trade globalization agreements are still being negotiated, the Western countries and Russia are introducing sanctions against each other, and the developed and developing countries have not yet reached agreement on how to balance economic development and climate change.

Under such circumstances, the BRICS leaders’ meeting in Ufa has critical significance as cooperation among them will not benefit not only themselves but also the world economy.

Although the five countries are at very different stages of their development, they will still become new growth poles for the world economy.The five have contributed half the world’s economic growth in the past 10 years.

They have complementary industrial structures. Sufficient labor, abundant resources and large markets give them great opportunities for development.

The five countries are also important players in both their continents and international affairs. In multilateral platforms such as the UN and the G20, they are playing bigger roles than ever before, thus their booming economies can drive the whole global economy through their deepened cooperation with other countries and international organizations. Enditem

Source Xinhua

Editor  Xuefei Chen Axelsson

China Voice: BRICS a stabilizer of global economy

China Voice: BRICS a stabilizer of global economy

 

BEIJING, July 8 (Xinhua) — A BRICS group with deepened cooperation will not only serve its five member countries and other developing nations, but also stabilize and even boost the world economy.

In upcoming days, leaders of the BRICS countries — Brazil, Russia, India, China and South Africa — will meet in Ufa of Russia for the seventh BRICS leaders meeting.

They met for the first time in 2009, launching the bloc’s cooperation mechanism. Since then, the BRICS have shown vitality and innovation through cooperation, with deepened participation in global governance.

Now these countries will set up the New Development Bank (NDB). The institution’s board of governors will hold its first meeting in Moscow to appoint members of the board of directors and the management.

The NDB shows that the BRICS bloc has transformed from a political concept to a real force for reform in the international community.

With the bank’s funding, developing countries, especially the African states, can improve their infrastructure, rather than struggling with the limited funds the current international agencies provide them.

The new development bank will cover the shortcomings of the global financial system. It is not intended to overturn the current system, but to encourage investment from developed countries and other developing countries with an open and inclusive mind.

The BRICS has become an importance platform for exchanges and cooperation among the world’s major emerging economies. It has brought real benefits for the member states, and also earned a good reputation among the international community.

This new cooperation mechanism pointed to an important trend: emerging economies are playing bigger roles in global issues.

Global economic recovery remains slow. While trade globalization agreements are still being negotiated, the Western countries and Russia are introducing sanctions against each other, and the developed and developing countries have not yet reached agreement on how to balance economic development and climate change.

Under such circumstances, the BRICS leaders’ meeting in Ufa has critical significance as cooperation among them will not benefit not only themselves but also the world economy.

Although the five countries are at very different stages of their development, they will still become new growth poles for the world economy.The five have contributed half the world’s economic growth in the past 10 years.

They have complementary industrial structures. Sufficient labor, abundant resources and large markets give them great opportunities for development.

The five countries are also important players in both their continents and international affairs. In multilateral platforms such as the UN and the G20, they are playing bigger roles than ever before, thus their booming economies can drive the whole global economy through their deepened cooperation with other countries and international organizations. Enditem

Editor Xuefei Chen Axelsson

China’s top legislature ratifies BRICS bank agreement

 

China’s top legislature ratifies BRICS bank agreement

BEIJING, July 1 (Xinhua) — China’s top legislature ratified an agreement on the founding of BRICS New Development Bank (NDB), which will fund infrastructure projects in the bloc and other developing economies, on Wednesday.

The approval was given at the bimonthly-session of the National People’s Congress Standing Committee, which runs until July 1.

The agreement was signed by the bloc’s five members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

It will enter into force only when all BRICS countries have submitted documents of acceptance, ratification or approval.

The Shanghai-based NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among the founding members.

It will have a three-tier governance structure — a board of governors, a board of directors, a president and vice presidents.

As agreed by the five countries, the first chair of the board of governors will be nominated by Russia, the first chair of the board of directors by Brazil, and the first president by India.

They also agreed to set up a NDB African regional center in South Africa.

The board of governors is expected to hold the first meeting on July 7 in Russia to appoint members of the board of directors and the management led by the president, according to the Ministry of Finance.

Rules regarding procedures will be made and the bank’s five-year development strategy discussed at the meeting.

The inaugural management team will take their posts in Shanghai in middle July, according to the ministry.

The NDB is expected to launch late this year or early next year.

The bank’s establishment will be an important achievement for financial cooperation among BRICS members, said Finance Minister Lou Jiwei.

It will promote infrastructure construction and sustainable development of the emerging and developing economies, he said.

The bank also helps promote reform of global economic governance, he said.

Once the agreement is approve by the NPC Standing Committee, the Chinese government will provide 10 billion U.S. dollars on time as prescribed, Shi said while elaborating on the deal at the NPC Standing Committee session on June 24.

For the time being, the agreement will not apply to Hong Kong Special Administrative Region, according to the top legislature’s decision. Enditem

China’s top legislature reviews BRICS bank agreement

China’s top legislature reviews BRICS bank agreement

BEIJING, June 24 (Xinhua) — China’s top legislature started reviewing an agreement on the founding of the BRICS New Development Bank (NDB), intended to fund infrastructure in the BRICS bloc and other developing economies, on Wednesday.

The agreement was signed by five of the bloc’s members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

It will enter force only when all BRICS countries have deposited instruments of acceptance, ratification or approval.

The agreement over the Shanghai-based bank had been ratified in India and Russia by April 27, said Vice Finance Minister Shi Yaobin while elaborating on the deal at the bimonthly session of the National People’s Congress (NPC) Standing Committee.

The NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among founding members, under the agreement.

It will stipulate a three-tier governance structure — a board of governors, a board of directors and management led by the president.

As agreed by the five countries, the first chair of the Board of Governors will be nominated by Russia, the first chair of the Board of Directors by Brazil, and the first president of the bank by India, Shi said.

They also agreed to set up an African regional center of the NDB in South Africa.

The establishment of the bank will be a milestone in financial cooperation among BRICS members, according to Shi.

Aside from its main funding function, it will help enhance the bloc’s role in the international arena and promote reform of global economic governance, he said.

The agreement will initially not be applied in the Hong

Kong Special Administrative Region after the foreign ministry consulted with the regional government.

Once the agreement is approve by the NPC Standing Committee, the Chinese government will subscribe 10 billion U.S. dollars on time as prescribed, Shi said.

He also noted that the NDB, the Asian Infrastructure Investment Bank and the Silk Road Fund would operate independently although all three were financed by the government. Enditem