1. Text: | Print|

      'Time is ripe' for BRICS' own bank

      2014-07-08 08:22 China Daily Web Editor: Qin Dexing
      1

      Foreign Ministry says new institution will help fund infrastructure projects

      Five major emerging economies — Brazil, Russia, India, China, and South Africa — are jointly aiming to establish a $50 billion development bank to fund extensive infrastructure projects during an upcoming summit in Brazil.

      President Xi Jinping will attend the summit in his second trip to Latin America since taking office as head of State last year,

      But because of scheduling, he will not attend the final of the World Cup, as Brazil had hoped, Chinese Vice-Minister of Foreign Affairs Li Baodong said on Monday.

      The new bank, along with a $50 billion emergency reserve, will help the five nations, known as BRICS, become less dependent on the US dollar and fend off exchange-rate turbulence, experts and officials said. Establishing the bank will mark a milestone in the current international currency system that has long been dominated by the United States and Europe, they said.

      Li of the Foreign Ministry said that the "time is ripe" to announce the establishment of the BRICS development bank during the July 15-17 summit in Fortaleza, Brazil.

      "Concerning the bank, all parties are in consensus. Of course, there are a few differences and viewpoints on technical issues ... but our goal is to establish the BRICS bank as soon as possible," said Li.

      He did not elaborate on the bank's share structure, where it would be established or who would first preside over the bank, although he explained that "BRICS members must establish consensus through friendly consultation".

      "We are fully confident that we can reach consensus and establish the bank at this summit," he added.

      People familiar with the issue said the five member countries will contribute equal shares to the bank, or $10 billion each.

      The five have a combined GDP that represents one-fifth of the world's total GDP and also have significant geopolitical influence in the world. They have been eager to set up their own financial institutions instead of relying solely on existing ones such as the World Bank and the International Monetary Fund.

      Zhang Jun, an official in charge of international economic affairs at the Chinese Foreign Ministry, said the establishment of the bank and the emergency currency reserve will provide stable support for infrastructure construction among the member countries and in other emerging markets. The bank and reserve will also help new emerging economies better manage global capital risks and financial turbulence.

      Leonid Grigoryev, a research fellow of the Institute of World Economy and International Relations at the Russian Academy of Sciences, told Reuters that "the BRICS development bank could play an integral role in issues concerning economics and politics and become the coordinator in financing high-tech projects in BRICS.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲色图校园春色| 久久伊人久久亚洲综合| 久久久久久久久无码精品亚洲日韩| 91精品免费观看| 亚洲精品国产肉丝袜久久| 日韩免费高清大片在线| 337p欧洲亚洲大胆艺术| 最近2019中文字幕免费大全5| 久久久亚洲欧洲日产国码农村| 一级毛片aaaaaa免费看| 亚洲自偷精品视频自拍| 野花高清在线电影观看免费视频| 激情五月亚洲色图| 午夜免费福利影院| 黄页视频在线观看免费| 精品国产亚洲一区二区在线观看| 中文字幕在线视频免费观看| 亚洲国产精品无码专区影院 | 美女视频黄a视频全免费网站一区 美女视频黄a视频全免费网站色 | 精品97国产免费人成视频| 亚洲精品午夜国产VA久久成人 | 黄色网址在线免费观看| 亚洲综合色成在线播放| 久久久久久免费一区二区三区 | 黄在线观看www免费看| 国产人成亚洲第一网站在线播放| 国产美女精品久久久久久久免费| 成人免费观看男女羞羞视频| 亚洲大成色www永久网站| 国内精品乱码卡1卡2卡3免费| 国产成人人综合亚洲欧美丁香花| 亚洲福利精品电影在线观看| 久久er国产精品免费观看2| 亚洲xxxx18| 伊人久久亚洲综合| 18禁网站免费无遮挡无码中文| 国产av无码专区亚洲av毛片搜| 亚洲开心婷婷中文字幕| 好爽又高潮了毛片免费下载| 国产免费久久精品丫丫| 亚洲国产成人精品无码区在线网站|