PHNOM PENH, July 25 -
Cambodian scholars on Friday hailed the BRICS nations' recent decision to establish a development bank, saying it would greatly benefit fellow developing nations.
On July 15, the five BRICS members -- Brazil, Russia, India, China and South Africa --announced plans to establish a development bank and a contingent reserve arrangement(CRA) at the grouping's sixth summit in Brazil.
"The BRICS development bank is an alternative choice for developing countries to seeksoft and hard loans for developing their infrastructure and growing their economies,"Joseph Matthews, director of International Cooperation Department at the Asia EuroUniversity, told Xinhua.
Chheang Vannarith, a senior researcher with the Cambodian Institute for Cooperation andPeace, said the BRICS bank would play a complementary role to the existing financialinstitutions such as the World Bank, the IMF, and Asian Development Bank.
"The bank mobilizes financial reserve and facilitates development cooperation among theemerging economies," he told Xinhua via email.
"It is going to reshape the global financial governance system by giving the emergingdeveloping economies some political and financial weight against the traditional advancedeconomies," he noted.
He said the South-South economic cooperation is going to deepen in tandem with thecreation of the BRICS development bank.
Commenting on Chinese President Xi Jinping's just-concluded Latin America tour,Vannarith said China takes a proactive foreign policy approach to connect its economicprosperity with the outside world, including Latin America.
"China is the bridge linking East Asia and Latin America," he said.
"Investment and trade flows between the two regions create a new impetus for South-South cooperation."
(Editor:Kong Defang、Bianji)
1 comment:
that's why the US, EU and its owners are frantically trying to create war around the world and with russia [ false flag attack on the Malaysian airline ] and china [ inciting the conflict of the south sea ]for fear that BRICS might succeed in abandoning the US dollars for international trades causing the collapse of the US economy which survives so far because other countries continue to take the fiat money which is actually worthless because the US central bank has been '' printing '' trillions of dollars to save their friends ,the bankers and corporations owners . they almost collapsed the US and EU economies because they were gambling with depositors money on bad investments... now if BRICS succeed down the road at getting rid of the US dollars completely for trades those dollars will be returning back to the US land and create havoc to economy ; too much paper money and not enough goods to buy -- causing inflation and then riots just like what started the arab springs and to an extent khmer spring [ the factory workers demanding high wage to keep up with the cost of living ]..also the cause the increase/inflation of properties price --thus land grab in cambodia -- is the printing of money by central banks working together with the US central bank ; corporations friendly to the banks can borrow money at zero interest so they have all this newly printed money to go buy/invest hoping to get a return. the little people on the other hand don't this kind of access , borrowing money at zero interest rate , the central basically is giving '' free money '' to their friends to ruin other 's people life and your children and grand children will have to pay for it because when central bank print money they charge that fee to the gov which collect taxes from you to pay for it.
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