China Heralds Boost for Emerging Nations With BRICS Bank Opening

The biggest emerging economies opened their New Development Bank in Shanghai, strengthening China’s ability to offer developing nations the support traditionally given by the U.S. and Japan through organizations like the World Bank.

The NDB -- or BRICS Bank as it is known after sponsors Brazil, Russia, India, China and South Africa -- will help with the recovery and development of emerging economies, China’s Finance Minister Lou Jiwei said at the lender’s opening ceremony in Shanghai Tuesday. It can promote cooperation among developing nations without undermining the roles of existing institutions like the World Bank, he said.