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Generating Credit for Infrastructure Top Item at BRICS Forum in China

Dec. 15, 2014 (EIRNS)—China’s State Council-affiliated Economic Daily convened the "Third Economic and Financial Forum of BRICS Countries" in Beijing today, bringing together officials from Brazil, Russia, India, China and South Africa, scholars, entrepreneurs and media executives to discuss

"how to establish closer, comprehensive and stronger partnerships of BRICS countries; how the New Development Bank of BRICS can promote a fair and rational world economic order; how to make proper usage of infrastructure construction supported by the New Development Bank (NDB) of BRICS; and how BRICS countries can realize mutual development through interconnection,"

CCTV reported today.

Initial reports from the forum show that there is no slowing in the BRICS drive to get their credit-generating mechanisms into place, so development can be accelerated.

India’s Ambassador to China Ashok K. Kantha told the forum that the BRICS member-states are "working to expedite the ratification procedures to make the NDB a reality within the shortest possible period of time," Xinhua reported today.

"India has initiated the internal process of ratification of the (Inter-Governmental) Treaty and we are hopeful that other members would also finalize their instruments of ratification soon." Ambassador Kantha called the NDB the "most important outcome of our deliberations so far."

Li Daokui, the director of Center for China in World Economy at Beijing’s Tsinghua University, told attendees that "the BRICS countries share a common point. That is, despite their relatively backward infrastructures, they all have tremendous potential to develop. This is, by and large, the same to all these countries. With more infrastructure investments, the entire production efficiency (of these countries) will improve, and the overall economic scale will increase. In this mega context, China acts more actively and we’ve taken the lead in setting up three funds. More importantly, we want to show the whole world through our action that the Chinese way really works," according to the CCTV’s report.