Why is the headquarters of the BRICS Development Bank located in Shanghai?

The headquarters of the BRICS Development Bank will be located in Shanghai. As Tu Guangshao, member of the Standing Committee of the Shanghai Municipal Party Committee and Executive Vice Mayor, pointed out when talking to citizens about financial services yesterday, the reason is based on China’s global influence and Shanghai’s influence in the world. A good situation and environment for financial development. Tu Guangshao analyzed that the development of emerging economies requires the allocation of financial resources, and the BRICS Development Bank came into being under the new world structure. The BRICS Development Bank is a bank initiated and established by the five BRICS countries. For Shanghai, it wants to build an international financial center, and of course it hopes to have such an international financial organization settled there.

Brief information about the NDB:

1. Bank headquarters: Shanghai, China;

2. President: rotates once every 5 years, the first president is Indian;

3. Council: the first chairman is a Russian;

4. Board of Directors: composed of finance ministers or central bank governors from five countries, with the first chairman Headed by a Brazilian;

5. African Regional Center: located in South Africa, expected to be launched in 2 years;

6. Initial capital: 100 billion U.S. dollars, with 50 billion U.S. dollars upfront funded by The average investment of the BRIC countries;

7. Contingency reserve: 100 billion U.S. dollars, with China investing 41 billion U.S. dollars, Russia, India, and Brazil each investing 18 billion U.S. dollars, and South Africa investing 5 billion U.S. dollars;

< p>8. The first loan: expected to be loaned in 2016.