BRICS Development Bank | South China Morning Post
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BRICS Development Bank

Chinese banks should not fund Great Barrier Reef oil projects

BRICS leaders pose for a family photo in Durban. Photo: AFP

After years of speculation, Brazil, Russia, India, China and South Africa recently announced plans to create a BRICS development bank. The long-serving chairman of China Development Bank, Chen Yuan , is expected to head the new institution.

Saturday, 4 May, 2013, 4:04am

China unlikely to challenge Japan's sway in Asian Development Bank

Takehiko Nakao. Photo: Bloomberg

In Asian Development Bank's 47-year history, all eight presidents of the multilateral lender have been the nominees of Japan, one of the largest shareholders of the bank. And it might be no different this time when the voting ends at the end of the month - to the disappointment of those hoping Beijing would enter the contest this time.

5 Apr 2013 - 5:11am

How they see it

The BRICS Leaders-Africa Dialogue Forum in Durban. Photo: Xinhua

Making real progress on increasing economic co-operation between the BRICS (an association of leading emerging economies Brazil, Russia, India, China and South Africa) is going to take significant political will, which may not be there.

31 Mar 2013 - 2:08am

BRICS bank will be a recipe either for moral hazard or redundance

BRICS leaders (from left): India Prime minister Manmohan Singh, President of the People's Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin. Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank. Photo: AFP

Among the overweening initiatives announced this week by the ill-assorted leaders of Brazil, Russia, India, China and South Africa was a pledge to set up a new BRICS Development Bank to finance economic growth in the emerging world.

28 Mar 2013 - 6:31am