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Tu Guangshao: New Development Bank of BRICS Means Six Opportunities to Shanghai

06/11  17:44

Tu Guangshao spoke at the BRICS Economic Think Tank Forum

Beijing, Nov 6 – The New Development Bank of BRICS countries eventually headquartered in Shanghai, which signifies six new opportunities to Shanghai, said Tu Guangshao, executive vice mayor of Shanghai in the exclusive interview with in Beijing on Nov 6, 2014. He added that the three - the bank, the international financial center and Shanghai Free Trade Zone complement and promote each others, helping the construction of the city’s “Four Centers”.

"As an international multilateral financial organization, the bank located in Shanghai means an important process of China's opening up, which will greatly promote the development of Shanghai financial center and the interaction between the BRICS countries", said Tu Guangshao at the BRICS Economic Think Tank Forum in Beijing.

He noted that with the settling of the bank in Shanghai, the financial service industry will further open, which signifies that more financial institutions will enter Shanghai while the local institutions can go abroad, thus speeding up the allocation of financial capital.

Tu said in the opening speech of the BRICS Economic Think Tank Forum that the settling of the New Development Bank in Shanghai means six new opportunities.

1.A new platform has been built between China and the BRICS countries and it plays a new role in the cooperation among the BRICS countries continuously.
2.It expands the new space of cooperation between China and BRICS countries.
3.The BRICS bank also represents a new process of the financial cooperation among the BRICS countries.
4.It gives a big boost to the construction process of Shanghai international financial center, especially in terms of internationalization.
5.It means the improving of the city’s function.
6.The bank headquartered in Shanghai, which provides a new carrier for the interaction between Shanghai financial system and even China’s and the international financial system.

By Jiang Wenran
Translated by Wang Jiaye