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BRIC Countries Cooperate To Raise Hundreds Of Billions Of Dollars In Emergency Fund China Plans 41 Billion

2013/12/9 10:47:00 39

the BRICs summit decided to set up a BRICs Development Bank, prepare for the establishment of a BRIC country's foreign exchange reserve bank, and set up a Business Council. Experts believe that these decisions symbolized the cooperation of BRICs countries from macro political cooperation to concrete and pragmatic cooperation in economic and trade cooperation. 
 emergency reserve fund 
 financial firewalls enhance crisis resistance capability 
 < measures > < a href= > //www.sjfzxm.com/news/list.aspx > ClassID=101112107105 > BRIC > /a > the finance minister took the first step in establishing the emergency reserve fund of 100 billion US dollars in Durban, South Africa. According to reports, China intends to invest 41 billion, accounting for nearly half, Brazil, Russia, India respectively contributed 18 billion, South Africa 5 billion. 
The P reserves are not new to China. After the Asian financial crisis in 1998, China, Japan, South Korea and ASEAN jointly established the multilateral mechanism of the Chiang Mai agreement, and set up a foreign exchange reserve in Asia, and began to take a certain scale. 
 professor Fan Yongming, director of the BRICs research center of Fudan University, said that the BRICs foreign exchange reserve should solve the problem of foreign exchange financing among BRICs, and its establishment has two meanings. First of all, it is very important for solving the practical difficulties of BRICs. The foreign exchange reserve is put together by different countries to collect some foreign exchange. When a country meets foreign exchange payment difficulties, it will use this fund to support it to prevent the foreign exchange payment from affecting the economic development of the country. 
 Second, the BRICs foreign exchange reserve is a reformatory impetus to the existing international monetary system. Fan Yongming said that during the Asian financial crisis in 1998 and the global economic crisis in 2008, the a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107107" > IMF < /a > had nothing to do and should not play a role. Therefore, the establishment of the BRIC stockpile also represents the strong demand of developing countries to reform the existing international monetary system. 
 BRIC Development Bank 
 the "BRIC" of the development bank is changed from reality to /p.
South Africa President Jacob Zuma said during the fifth meeting of the BRICs leaders that developing countries face problems of long-term infrastructure development and insufficient foreign direct investment (P). He said: "we decided to set up a development bank led by BRICs, and now we have entered the formal consultation stage, which is mainly used to provide funds for a large number of infrastructure construction." 
Shen Jiru, a researcher at the Institute of world economics and politics of the Academy of Social Sciences (P), said that the BRICs should establish a mechanism for cooperation. The summit was a mechanism. At the summit, two important new mechanisms were put forward, namely, the BRICs Development Bank and the BRICs Business Council. 
 Shen Jiru said that the BRICs Development Bank is a financial institution whose functions cover common foreign exchange reserves and contingency funds, and stipulates the future investment direction of banks, including rules on loan and loan and investment measures for developing countries' infrastructure and industry. It is a global financial institution established outside the world bank [micro-blog] and the International Monetary Fund [micro-blog]. The establishment of the BRICs Development Bank has enabled developing countries to seek help from the BRICs Development Bank in addition to seeking assistance from the world bank and the International Monetary Fund in the face of financial difficulties and financial difficulties. This will play a positive role in the reform of the international financial system and in the reduction of the excessive reliance on the financial institutions led by the western countries. 
 Shen Jiru pointed out that because of BRICs Development Bank, the BRICs changed from a concept to a realistic organization. 
Liu Guijin, former representative of China's African Affairs and former ambassador to South Africa, said that after the establishment of the BRICs bank, the current Bretton Woods system could be broken down. P BRICs can rely on their own strength to promote their own development, so as to bring about a good momentum in the global economy. 
 BRIC industry and Commerce Council 
 BRIC economic complementarity needs deepening exchanges and cooperation 
[P] [measures] BRIC leaders and member states at the breakfast meeting of the business community, South African President Zuma announced that the BRIC Business Council was established. Leaders of other countries agreed that governments supported the establishment of the BRIC industrial and Commercial Council, and hoped to strengthen dialogue and support with the business community through the Council and the BRIC Development Bank. 
Fan Yongming pointed out that the cooperation among BRICs countries so far is mainly strategic cooperation, most of which focus on global governance. P BRICs can carry out a lot of cooperation with each other, and cooperation such as trade and investment is not enough by government. There must be business and business participation. The industry and Commerce Council reflects the demand in this area. It is an organization involving people from all walks of life in various countries. It is an enterprise that carries out trade and investment between enterprises. This form of Business Council has deepened cooperation and exchanges between the five industries. 
 Shen Jiru believes that from the aspect of enterprises, the BRICs economy has its own characteristics and complementarity is very high. China is the world's factory, Russia is the world's oil and gas station, India is the world's office, Brazil is the world's raw material producing area, and South Africa is the world's mine. In the financial crisis, the BRICs economic development is good, and contributes to the world economy. To further speed up the development of BRICs, it is necessary for the five countries to achieve economic complementarity and establish close ties through the cooperation of enterprises and the interaction between enterprises and the government. To achieve complementarity, the industry and Commerce Council is an indispensable mechanism. 
 Shen Jiru introduced that the industrial and Commercial Council is not a new formulation. China and Russia are all members of a href= "//www.sjfzxm.com/news/list.aspx? ClassID=101112107108" > APEC < /a >. There is a Business Council in APEC. Its function is to communicate the business of APEC member economies and the good platform for the exchange of APEC Ministers and heads of state. 
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 World Bank: welcome to establish BRICs Development Bank 
P, the world bank group based in Washington, 26, said it welcomed the proposal to set up BRICs Development Bank. The bank will work closely with the BRIC Development Bank to reduce poverty and improve the welfare of developing China. 
In a statement released on the same day, the world bank group said that the world bank has been working with BRICs for years of cooperation through knowledge sharing and financial support. An important part of the bank's work strategy is to work with regional development banks, non-governmental organizations, development banks of various countries, and other organizations to improve the effectiveness of the work. 
P, the World Bank Group, said that the establishment of a development bank is a major move. The bank pays attention to the details of the source, governance and location of the BRICs Development Bank, and is committed to providing the BRIC development bank with all its help. The world bank is willing to share with the BRICs Development Bank the development experience accumulated over the past 60 years.