China expresses support for BRICS Development Bank

BEIJING: Ahead of the BRICS summit in Durban, China today 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