China expresses support for BRICS Development Bank

The summit which will also be attended by Prime Minister Manmohan Singh among others will be held in Durban on March 26 and 27.

Beijing: Ahead of the BRICS summit in Durban, China on Tuesday backed the establishment of a BRICS Development Bank and called for a global economic governance system that gives increased voice to developing countries.

Gearing up for the meeting of the five-nation grouping next week, the new Chinese President Xi Jinping said many emerging markets in developing countries, including BRICS (Brazil, Russia, India, China and South Africa) and African countries have enjoyed best economic growth.

The summit which will also be attended by Prime Minister Manmohan Singh among others will be held in Durban on March 26 and 27.

"They (these countries) have become an important political force for world peace and common development and play an important role in tackling international financial crisis and boosting global economic growth", Xi told select Editors of BRICS countries in his first interaction with the international media after taking over the leadership last week.

This, the new Chinese leader said, is in keeping with the trend of the current time for peace, development and cooperation, he said.

Replying to a question on cooperation among BRICS countries, Xi said it would help bring more balance in global economy and promote democracy in international relationships.

He said that China hopes that through the Durban meeting, the BRICS countries will deepen partnership, improve cooperation mechanism, strengthen dialogue and cooperation in various areas and send to the international community a positive message of unity and cooperation.

Xi said that China supported the South African Presidency in prioritising the development and establishment of a BRICS Development Bank, contingency reserve arrangement, business council and a think tank council.

He said that China hopes the Durban meeting will produce positive results in these areas.
Xi, who had a meeting with the US Treasury Secretary, Jack Lew this morning said he had told him that a new economic governance system must reflect the profound changes in the global economic landscape so that the representation and voice of the emerging markets in developing countries should be increased.

He said that in recent years the G-20 group has played a prominent role and the IMF and World Bank have carried out quota reforms.

These are important steps in moving forward the reform of global governance system in the right track, Xi said.

The emerging markets and developing countries hope to see an improved global economic governance system that better meets the needs of global productivity and facilitate the common development of all countries, he said.

To a question on China's dream for the world, Xi said thanks to over 30 years of reform and opening-up, China has achieved substantial progress in making social development.

He said that Chinese people lives have improved vastly.

This is good for both China and the world. The Chinese people are patriotic and yet we are also people with global vision and international perspective, Xi said.

As its strength grows China will assume more international responsibilities and obligations within the scope of its capabilities and make greater contribution to the noble cause of world peace and development, he said.

"It is true that China is the world's second largest economy but its per capita GDP remain much lower than the world average. We are placed in the 90th place in the world and so there is still a long way to go before China can become rich and strong", Xi said.

Some people in the world worry that China will seek hegemony and bully others once it becomes strong, he said, adding that such concerns were unnecessary as China has reaffirmed that it was solemn commitment to international community many times that it will unswervingly follow peaceful development.

"In the meantime we hope all the countries in the world will pursue peaceful development to advance world peace and development. The Chinese dream of realising the great renewal has been the long cherished dream of the Chinese people since modern times", he said.