What is the most lacking in organizing the BRICS Development Bank?

Recently, it was reported that Chen Yuan, chairman of CDB, will be the Chinese representative of the BRICS Development Bank. If this statement is true, it shows that the BRICS countries are already preparing for the "BRICS Development Bank", and China has even sent a leading figure. However, since the establishment of the BRICS Development Bank was put on the agenda at the BRICS South Africa Summit at the end of last month, there have been many negative comments and various concerns in various media, questioning the ability of BRICS countries. The author believes that these doubts and concerns are not the key. It is the core, the most important and the most noteworthy that the BRICS Development Bank reached a "development understanding" of the new round of globalization during the preparatory period. Some critics believe that the development banks dominated by emerging countries lack enough talents, and this concern is unnecessary. China joined the World Bank and the Asian Development Bank in the early 1980s. In the past 30 years, these institutions have recruited tens of thousands of China employees, China executive directors and staff stationed in various institutions, and cooperated with these institutions in projects and research. These people are familiar with the system of international development agencies, understand their operating rules, participate in and lead different projects in developing countries and regions covered by international development agencies, and have accumulated rich experience in various aspects, from infrastructure, participatory poverty alleviation, environmental protection, women and children, compulsory education, rural finance, and the development of small and medium-sized enterprises to national development policy formulation and crisis relief. Compared with employees from developed countries, they have a deeper understanding and profound experience of the problems and difficulties in developing countries. Other BRICS countries also have many international employees in various development institutions, especially India, which ranks first among emerging market countries in international economic institutions. The BRICS Development Bank can also recruit international staff around the world like other international institutions. Therefore, the BRICS Development Bank has a strong multi-faceted talent pool. As for the fear that the BRICS Development Bank may be unable to continue to operate because developing countries will not repay their loans in the future, it is because they do not understand the basic rules and regulations of the BRICS Development Bank. The BRICS Development Bank is not a commercial bank, but its "shareholders" are governments of various countries, and "shareholders" will of course safeguard their own interests according to their own rules. The credit of BRICS Development Bank is mainly the project funds covered by government public utilities and other government functions. Therefore, the BRICS Development Bank stipulates that all credit will be guaranteed by the government unless the country goes bankrupt. If this happens, the ultimate solution may be to rescue and extend the debt and other forms of debt restructuring through the international community, including the BRICS Development Bank. After the crisis, the international community's rescue funds, especially the loans from the BRICS Development Bank, still have to be paid back one by one. Under this institutional arrangement, various international development agencies have been operating for decades. Others suspect that the "development banks" led by emerging market countries have no management and operation experience. Emerging market countries know their own problems and difficulties best in the process of development. China's 30-year experience of reform and opening up into globalization and the changes brought about by the average economic growth of 9% have different levels of reference significance for all developing countries; Russia's uneven reform process should also be a very valuable and beneficial experience for all resource-rich countries; Brazil's efforts to get out of the middle-income trap for decades are undoubtedly the most convincing for the further development of South American countries. The enlightenment of the development path India is exploring to South Asia, South Africa's economic development thinking with African characteristics, and bilateral and multilateral cooperation between emerging market countries, which these developed countries can't have, will undoubtedly have a demonstration effect similar to their own statements for countries and regions in Asia, Europe, Africa and South America who are willing to promote economic development in the next round of globalization. This is where the BRICS Development Bank and other development institutions have more advantages and characteristics, and may make more contributions to global development. The author is convinced that the BRICS Development Bank will certainly be able to find a more powerful and targeted way to support the development of developing countries, which is completely different from the original development structure. The most important thing now is to realize the "development knowledge" of BRICS countries. What BRICS countries need is neither "Washington knowledge" denied by the financial crisis nor "Beijing knowledge" proposed by westerners. What BRICS countries need is "developing knowledge". Its primary connotation is how to continue to promote trade liberalization and the free flow of direct investment capital on the basis of their respective comparative advantages, so that the next round of globalization will continue to bring welfare improvement to countries with mutual free trade and countries with inflow and outflow of direct investment capital, which has been proved by international trade theory and practice. The goal of the new round of globalization led by emerging market countries should be to push those emerging market countries with per capita 1 10,000 dollars or more into the ranks of developed countries; Let some countries get out of the middle-income trap; The economies of some countries have improved. The second connotation of "developing knowledge" is that emerging market countries need to unite to participate in global governance, protect their own interests in the international community and promote world progress. With the deepening of globalization, it is increasingly necessary for emerging market countries to participate in global governance. Especially in world peace, climate warming, poverty reduction, the reform of the international monetary system, the balanced development of the global economy, the formulation of rules of the game under the new economic structure, and bilateral and multilateral cooperation mechanisms, it is almost impossible to have any practical significance without emerging market countries. The third connotation of "developing knowledge" is that emerging market countries have different national conditions, different stages of development, different problems and difficulties, different views on many international issues, different positions in complex international relations, and some contradictions among them, but the biggest similarity of emerging market countries is that "development is still the last word for all countries." Emerging market countries should have great wisdom, try their best to find the intersection of interests, seek common ground while reserving differences for some differences, and gather together for common development under the "development knowledge" of the BRICS Development Bank. (The author is left, CEO consultant of Galaxy Securities) (shanghai securities news is left, CEO consultant of Galaxy Securities)