China has called on the BRICS group of emerging economies to intensify efforts to open a development bank as an alternative to the Western-dominated global financial system. Speaking on the sidelines of the G20 summit in Australia on Saturday, China's Vice Finance Minister Zhu Guangyao said, "All (countries) share the view that they should speed up the process to have it completed as quickly as possible." Zhu said that the BRICS group - which includes Brazil, Russia, India, China, and South Africa - should ensure that the bank will provide services as soon as it is launched. China and other BRICS members have intensified efforts to reduce Western dominance on international financial organizations including the World Bank (WB) and the International Monetary Fund (IMF). Beijing has already picked a site in Shanghai for the future headquarters of the 50-billion-dollar institute. The new bank will provide a collective foreign exchange reserve and a fund for financing developmental projects in order to address the needs of emerging and poor economies. The bank will operate on national currencies, rather than use a single currency and will be used in bilateral and multilateral trade deals. BRICS members say the current global balance of power is unworkable, with institutions such as the WB, the IMF and the United Nations Security Council irrelevant in addressing matters concerning global economics. BRICS countries make up over 40 percent of the world’s population and account for more than 25 percent of the global GDP."And each country will identify feasible projects for the bank as quickly as possible, so that at the moment the bank is launched it will be able to immediately carry out (financing) processes," the Chinese official said.
LINK: https://www.ansarpress.com/english/2955
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