Millennium Post

Ahead of Durban summit, China gives thumbs up to BRICS Bank

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 26-27 March.

'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.
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