- Published on Nov 15, 2014
China wants the BRICS group of emerging economies to intensify efforts to open a joint development bank. The planned financial institution would be an alternative to the Western dominated financial system.
China’s vice finance minister Zhu Guangyao says the process of creating the bank should be completed as soon as possible. He made the remarks on the sidelines of the G20 summit in Australia. Zhu urged the BRICS group which includes Brazil, Russia, India, and South Africa to ensure that the bank will provide services as soon as it is launched. China has already picked a site in Shanghai for the future headquarters of the fifty-billion dollar institute.