Uploaded on 26 March 2013 by NTDonChina
Chinese regime leader Xi Jinping is in Durban, South Africa today for the 5th annual meeting of the so-called BRICS countries.
The acronym stands for Brazil, Russia, India, China and South Africa.
The BRICS countries came together after the 2008 financial crisis as an alternative to the western and mostly US dominated financial institutions. They want more equal institutions that will give better aid to developing economies and meet the demands of the 21st century.
On the agenda this week is the startup of a BRICS development bank. The respective countries’ finance ministers met today and confirmed that the bank was definitely going forward.
Together the BRICS countries make up 40% of the world’s people and roughly 25% of global GDP. The group varies widely in terms of economies, political systems and geographic location.
South Africa joined the group in 2010 and this summit has placed an emphasis on the development of the African continent. Other African leaders are attending the summit, as well as the head of the African Union.
The BRICS summit will last for two days. With the development bank going ahead, the question now is how each country will contribute to the funding of the bank, which has set a capital goal of $50 billion.