Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




TRADE WARS
BRICS bank will reduce Western dominance: China media
by Staff Writers
Shanghai (AFP) July 16, 2014


Chinese media on Wednesday hailed the creation of the BRICS development bank, to be based in Shanghai, blaming Western countries and multilateral agencies for flaws in the global financial system.

At a summit in Brazil, the BRICS group of emerging economic powers -- which also includes Russia, India, China and South Africa -- on Tuesday created the New Development Bank to finance infrastructure projects.

China's official news agency Xinhua cited Western dominance of the international financial system as the motivation.

"The plans of the emerging-market bloc of BRICS to establish a development bank usher in a long-awaited and helpful alternative to the Western-dominated institutes in global finance," Xinhua said in an editorial.

An opinion piece in the Global Times newspaper, known for its nationalistic editorial stance, said competition from the BRICS bank could prompt the World Bank and the International Monetary Fund (IMF) to carry out much-needed internal reforms.

"BRICS countries have to blaze a new trail to reduce losses as well as safeguard interests," wrote Liu Zongyi, a research fellow at the government-linked Shanghai Institute for International Studies.

"Loans from the World Bank are not able to meet the demands of the developing nations... The IMF also failed to play an active role in stabilising the turbulent emerging financial markets during the global financial crisis," he said.

Developing countries were at the mercy of the United States during the recent economic crisis, he said, given the dominance of the dollar and Washington's timing of its quantitative easing policy.

Hong Kong's pro-China Wen Wei Po newspaper said BRICS members selection of China's commercial hub for the headquarters symbolised the rise of the country, now the world's second largest economy.

"Setting up the headquarters of the BRICS development bank in Shanghai shows the image of China becoming a great power on the international stage," the newspaper said.

"Shanghai has the best conditions as the first choice location for the BRICS bank headquarters," it added.

Last year, Shanghai established China's first free trade zone to pilot financial reforms. The city is seeking to become an international financial centre but lack of free convertibility of China's yuan currency is a major obstacle, analysts say.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
China's Alibaba stalks banks with investment product
Shanghai (AFP) July 15, 2014
As Chinese e-commerce giant Alibaba expands beyond online retail, it is shaking up staid state banks - and drawing regulators' attentions - after 100 million customers poured more than $90 billion into its investment product. Alibaba, which is preparing for a multi-billion-dollar stock offer on the New York Stock Exchange that could rival Facebook's flotation, has already transformed the r ... read more


TRADE WARS
Italy cruise ship wreck set to rise from waves

China gave $14.4 bln in foreign aid in three years

AW139 helicopters to perform emergency medical missions

Accidents raise safety questions on Hong Kong waters

TRADE WARS
No-wait data centers

French minister opposes Australian firm's plan to ship waste

Hollow optical fibres for UV light

Uncertainty gives scientists new confidence in search for novel materials

TRADE WARS
Tailored water the latest in lawn care

Rainwater discovered at new depths

Water everywhere for DR Congo city yet scarcely a drop to drink

Damage assessment of runaway barges at Marseilles lock and dam

TRADE WARS
Tech woes menace Canada's Arctic maritime traffic: union

Shark teeth offer new look at Arctic climate change

Japan shipping giant plans first regular Arctic route

Changing Antarctic winds create new sea level threat

TRADE WARS
World interest in research work on the benefits of the Okra plant

Gene discovery offers better soybean varieties for northern US

A-maize-ing double life of a genome

First snapshots of water splitting in photosynthesis

TRADE WARS
Ancient town under water as downpours hit central China

Three missing, thousands flee as typhoon hits eastern Philippines

Satellites reveal possible catastrophic flooding months in advance

Philippines braces for first major storm of the season

TRADE WARS
France ends Mali offensive, redeploys troops to restive Sahel

South Africa rhino poaching toll jumps

Somali capital one step short of famine: UN

Clash between army, 'tribal gunmen' leaves 65 dead in Uganda

TRADE WARS
Study cracks how the brain processes emotions

Neandertal trait raises new questions about human evolution

Low back pain? Don't blame the weather

Virtual crowds produce real behavior insights




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.