By: Rahel Banisil Udasan
President Xi Jinping of China announced on Monday his country’s obligation to push for better representation of developing countries in light of its present status being one of the world’s economies. The announcement comes one day ahead of BRICS summit in Brazil.
Brazil, China, India, Russia and South Africa are set on Tuesday to sign off on a new development bank (NDB) based in Shanghai, which is launched by BRICS intended to provide financing to emerging market nations.
By upholding international development bank, China will either lead or have its very important role on the said project, as opposed to Western-dominated institutions like the World Bank.
Officials from BRICS nations have said, Shanghai will probably be the headquarters, but there are still some talks from other officials of the bank told Reuters on Monday, in Brazil there still was no official arrangement which among the five countries on where the leader will be located.
In an interview with a South American media Xi said, China will try to better play its role of achieving the system of governance of to its perfection and promote the rights of the developing world.
However, the announcement was met with cynicism from the other BRICKs member, including the most notable fellow like India, and there have some concerns from among the group which are worried that Beijing could control the NDB for its own benefits.
Xi brushed off these concerns clarifying China was committed to the development of peace and has no intention to dominate others just because of its growing strength. He added that Chinese people love peace. There are no genes in their blood for invading others of dominating the world.
