chapter  14
14 Pages

The BRICS countries and the construction of New Development Bank

WithXu Xiujun

It is unprecedented in the history of the world economy for the major emerging economies to jointly create a multilateral development financial institution across regions. The symbolic and practical significance of the NDB is evidence that it not only marks the economic rise of the emerging economies represented by the BRICS and its progress in the reform of the existing international financial architecture, but also marks that the BRICS cooperation has transformed from the consultation by the leaders on macro issues concerning the BRICS countries and other global and regional issues into the comprehensive practical cooperation in economic and financial aspects, entering the substantial construction stage of the BRICS cooperation mechanism.