Source: Global Times
Author: Zhang Yugui
The BRICS Foreign Minister Conference was held in Cape Town, South Africa from June 1st to 2nd.Prior to this, from May 30th to 31st, the Eighth Council of the Council of Council (also known as the "BRICS Bank") was just held in Shanghai, China. The theme of the annual meeting was "Creating a new era of global development"It aims to discuss how to accelerate multilateral cooperation, increase the proportion of local currency financing, and continue to absorb new members such as expanding the "circle of friends".In fact, how to expand the "circle of friends" and influence while taking into account the "BRICS color" is considered to be a problem that the "BRICS Bank" and the entire BRICS mechanism need to face.Thinking in the investigation of the development of the bank.
As the two emerging development financial institutions headquarters in China, the "BRICS Bank" and the Asian Infrastructure Investment Bank have been operated and managed compared with international standards or even the highest standards, practicing true multilateralism, and serving the service with service, service with service, service with service, and service with service.The global sustainable development is its own responsibility, so it has obtained higher credit rating given by major credit rating agencies worldwide.From the perspective of business logic, the international reputation formed by high credit rating is conducive to the "BRICS Bank" to attract the long -term capital of international and local capital markets to improve its own capacity building, enhance the position in the global investment and financing market, and then form a matching 21Century Global New Development Concept's investment and financing mechanism.Statistics show that the "BRICS Bank" was established from 2015 to the first quarter of this year, and a total of 98 projects of member states were approved, with a total investment of about 33.2 billion US dollars (S $ 44.6 billion), which strongly supported the economic and social development of member states.
According to the overall strategy of "BRICS Bank" 2022-2026, in the next few years, 40%of the funds of the institution will be used to support the promotion of climate change projects. 30%of funds will be invested in non -sovereign business. 30%of funds will beIt will be provided by local currency, and 20%of projects will jointly financing with other multilateral development banks.This is also the driving force for the majority of emerging economies and developing countries to actively seek to join the "BRICS Bank".
At present, "BRICS Bank" has nine members of Brazil, Russia, India, China, South Africa, Bangladesh, the UAE, Egypt, Uruguay, etc. According to the development strategy of the agency, it must be initially realized in the next five years to achieve preliminary realization of the next five years.The development goal of global banks.To this end, effectively expand the "circle of friends", actively enhance service capabilities, strengthen cooperation with other multilateral development banks and commercial banks, and innovate and develop investment and financing models.The primary action is how to absorb powerful, influential, and representative member states.In fact, the "BRICS Bank" has relevant benchmarks and principles in this regard, that is, continuously promotes the work and expand the work of member states in accordance with the principles of gradual and regional balance, absorb developed countries and developing countries, enhance international influence, enhance emerging markets and developmentThe representativeness and speech of Chinese family in global governance.
Based on this, the author suggested that the expansion of the "BRICS Bank" should adhere to the principles of stability, sustainability, constructivity, balance, and inclusiveness.At the same time as a member of the emerging economy in the group (G20), the representative member states in the Regional Comprehensive Economic Partnership (RCEP) can be appropriately selected to promote the effective combination of multilateral trade and multilateral finance.There are African -African -Latin -Latin -related developing countries with a stronger desire and growing in economic development.
On the other hand, under the leadership of the development goals of global banks, "BRICS Bank" is necessary to refer to the useful experience of the AIIB in absorbing member states, and actively strive for developed European countries to join the "BRICS" clubEssenceIn just 7 years, the AIIB became the world's second largest international multilateral development institution that covered 81%of the world's population and 65%GDP, and the number of members second only to the world.The internationalization, standardization, and high -standard operations, both developing countries or developed countries, can form a tolerant and orderly multilateral cooperation community under the concept of promoting the sustainable development of human beings.
