BRICS bank 'will not replace' World Bank

By Li Shen
0 Comment(s)Print E-mail, November 7, 2014
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Zheng Zhijie, president of China Development Bank, delivers a keynote speech at the BRICS Economic Think Tank Forum Thursday in Beijing. [Photo:] 

"The NDB will be an active architect in the international financial architecture," said Zheng Zhijie, president of China Development Bank. As of 2014, the BRICS countries account for 20 percent of world GDP and 40 percent of the global population. They are an important force to promote the balance of world economic development. "Established by the BRICS states, the NDB is not only a contributor to the common interests of developing countries, but also a partner in reshaping the global financial structure," Zheng added.

China has started preparations for its first NDB program. "We have held discussions on the program. It's important for us to make sure the program is successful in order to show the NDB's professionalism and its high standards in selection, operation and supervision," Zhu said.

The preparations for the NDB headquarters building in Shanghai have already started, said Tu Guangshao, executive vice mayor of Shanghai. The Shanghai municipal government has set up a special working group on this issue. "The NDB headquarters will establish a new platform for cooperation between Shanghai and the international economic institutions. It will further promote the industrial restructuring and financial internationalization of Shanghai," Tu added.

With the theme of "cooperation among BRICS countries to reform the international financial architecture", the BRICS Economic Think Tank Forum has attracted more than a hundred top-level economists from home and abroad. The BRICS Economic Think Tank was formally launched at the forum and released its first report on the prospects of BRICS cooperation and policy suggestions to transform the BRICS from a concept into a substantial body.

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