ABSTRACT

The development and prosperity of China is not to challenge the current world system or international order, but to reach cooperation with other countries within this framework. Brazil, Russia, India, China and South Africa (BRICS) cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem. The BRICS leaders reached basic consensus on the functions of the New Development Bank (NDB) during the fourth BRICS summit in 2012 and further confirmed it at the fifth BRICS summit in 2013. The status of the BRICS in the global economy has been rising, but its strategic status has lagged behind its economic status. The NDB aims to raise funds for infrastructure and sustainable development projects in the BRICS countries, other emerging markets and developing countries as a complement to existing multilateral and regional financial institutions in the field of global growth and development, rather than challenging the existing multilateral development institutions.