Beijing - The emerging international financial institutions including BRICS, NDB, CRA and SCO, were mainly initiated by the emerging developing countries, thus they should serve the economic development of the developing countries, said Qiao Yide, Secretary General of Shanghai Development Research Foundation at the BRICS Economic Think Tank Forum in Beijing on Nov 6, 2014.

The composition and activities of the current global financial institutions do not reflect the global economic pattern, and do not fully represent the interests of the developing countries. The fundamental defect of international monetary system has not been corrected.

All in all, we are in a very significant historical moment, I believe that the existing international financial institutions, including IMF and the World Bank, will try to reform and fit the new situation, and I also believe that the New Development Bank will complete its historical mission.

By Wang