(Reuters) – China will dedicate itself to “perfecting” the role developing countries play in international affairs to give them better representation and a greater say, President Xi Jinping said ahead of a summit of BRICS nations in Brazil.
China has already started doing this by promoting international development banks which will either be led by China or will have a very strong Chinese role, as opposed to Western-dominated institutions like the World Bank.
Brazil, China, India, Russia and South Africa are due on Tuesday to sign off on a new development bank being launched by the BRICS emerging market nations.
Officials from BRICS nations have said Shanghai will likely be the headquarters, but an official involved in talks on the bank told Reuters late on Monday in Brazil there still was no agreement among the five on where the lender will be located.