BRICS Development Bank

[amoy]

Re: Brics bank and what does india get out of it

This bank is just representing 5 countries, this is not an equivalent of ADB or IMF where every nation has the membership.

This Bank will fail ..... since chinese won't agree on the terms put by other members.

what terms can u elaborate by "other members"?

a bank is a bank, to lend, borrow, finance and to profit."¦

if the startup is over loaded with missions that @right wing puts, like "containing China" or "an unified currency" or "pursuing Indian leadership" the bank is certainly doomed.

India shall seek a constructive role in proportion to its strength, instead of a bigger-than-itself one.

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[LETHALFORCE]

Re: Brics bank and what does india get out of it

This is a good idea. The present banking system offers no advantage to bric nations.
Western nations are debt ridden and brics are cash rich, but using debt and currency etc
The western nations still have the upper hand. This is a start and many nations may
Join in the future.

 

[Srinivas_K]

Re: Brics bank and what does india get out of it

it will fail mostly because India is unwilling to cooperate.

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I will reply to u soon .....

 

[bose]

Re: Brics bank and what does india get out of it

Can BRICS do without India ?? If yes then proceed without India !!

 

[right wing]

Re: Brics bank and what does india get out of it

Even when the Bank hardly takes off u've already started to envisage an internal rivalry - a IBSA-v-China+Russia scenario, or be worried abt "Chinese hegemony" or "hideous designs"?? What an omen! :thumb:

Here're some cold facts contrary to inflated Indian self appraisal
- India's GDP ranks No.4 only ahead of RSA, and the lowest per capita. Without $$$ how comes your prowess to hold IBSA together?
- RSA and Brazil look to China for investment, not india who's in need of it herself. Chinese GDP = B+R+I+S

On the wings of BRICS India for the 1st time arrives at the central stage. Otherwise she would continue as a nobody in West-dominated institutions IMF or WB given the economic might she possesses.

Yuan, with or without this BRICS platform, is bound to become the world's main reserve currency, while Rupees ...
Renminbi: Soon To Be A Reserve Currency? - Business Insider
Russia Returns Favor, Sees Chinese Yuan As World Reserve Currency | Zero Hedge

The earlier India makes peace with a lesser role the smoother the New Development Bank can sail ahead.

inspite of all that bunkum and loud talk,
u had to settle with equal voting even after paying more than double to the corpus,and have an indian president to set the rules for the bank's future...in return u get a stone house in china...well we pulled a coup on u,and before dreaming to make yuan the world currency,u will have to accept democrarcy...never has a non democratic country,how powerful it might be,succeeded in creating a global currency..and remember kid,we have no problem with uncle sam,u have..

 

[right wing]

Re: Brics bank and what does india get out of it

what terms can u elaborate by "other members"?

a bank is a bank, to lend, borrow, finance and to profit."¦

if the startup is over loaded with missions that @right wing puts, like "containing China" or "an unified currency" or "pursuing Indian leadership" the bank is certainly doomed.

India shall seek a constructive role in proportion to its strength, instead of a bigger-than-itself one.

Sent from my 5910 using Tapatalk 2

..if u guys want that bank to be your private boat party,india will not allow it to happen...and dear before telling this is a major breakthrough for India,because we arnt that globally powerful and all that,do ponder on the fact,that in the next 15yrs,ur country,the 2nd largest economy,would not have any face in leading any of the three global banks,IMF,WB,or New Development Bank...u guys are pretty poor in selling soft power,and it shows...if we would have been the 2nd largest economy,we would be having as big a media appeal(positive image) as the USA..now that is some serious soft power.

 

[dude00720]

Re: Brics bank and what does india get out of it

it will fail mostly because India is unwilling to cooperate.

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Just wondering, will the bank fund projects in tawang?

 

[nimo_cn]

Re: Brics bank and what does india get out of it

Just wondering, will the bank fund projects in tawang?

your post just proves what i said. Indians are simply not good at making constructive contributions.

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[right wing]

Re: Brics bank and what does india get out of it

your post just proves what i said. Indians are simply not good at making constructive contributions.

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well where to fund and whom to fund is decided by the board of governors and the president,so theoritically it can...but then no point upsetting each other..cause if we fund for eg a rail to tawang,chinese may well ask for funding of similar projects in tibet and pok...so pragmatically no.
and answering to the fact,"that indians are not constructive decision makers",i wud just lik to remind dear chinese brothers here,we proposed the new bank,way back in 2011...u were busy fighting and begging for more voice in IMF then..


And as much we may have differences,fact is China and India need each other...u need us in a grouping to mend ur rabid dog image,and we need ur bucks to help our power puff girl image...so we are cooperating..and mr. putin needs the group to be at least part of some group..
As for brazil,it wants to show it is not argentina..at least to the latin world....and south africa wants to hold some sway in its own continent,which by the way is run by 3 countries...chinese bucks,us weapons and indian businessmen...so win win for all...at least for now...and for next 20yrs...when china will get presidency and be powerful enough to press for yuan....till then lets fight out with the europeans..

 

[right wing]

Re: Brics bank and what does india get out of it

ok..guys we lead the bank for 6 years and not 5 ,so apologise for the 5 year write up in my post.

 

[nimo_cn]

Re: Brics bank and what does india get out of it

well where to fund and whom to fund is decided by the board of governors and the president,so theoritically it can...but then no point upsetting each other..cause if we fund for eg a rail to tawang,chinese may well ask for funding of similar projects in tibet and pok...so pragmatically no.
and answering to the fact,"that indians are not constructive decision makers",i wud just lik to remind dear chinese brothers here,we proposed the new bank,way back in 2011...u were busy fighting and begging for more voice in IMF then..


And as much we may have differences,fact is China and India need each other...u need us in a grouping to mend ur rabid dog image,and we need ur bucks to help our power puff girl image...so we are cooperating..and mr. putin needs the group to be at least part of some group..
As for brazil,it wants to show it is not argentina..at least to the latin world....and south africa wants to hold some sway in its own continent,which by the way is run by 3 countries...chinese bucks,us weapons and indian businessmen...so win win for all...at least for now...and for next 20yrs...when china will get presidency and be powerful enough to press for yuan....till then lets fight out with the europeans..

i dont think members in brics bank will get upset when China asks for fund for project in Tibet, i simply dont see why. in fact, world bank has financed many projects in Tibet for years, including the construction of the Tibet railway.

but tawang is different, it has been claimed by China. for that reason, China blocked WB's plan to loan money for infrastructure developments in tawang, and China will certainly do the same thing to India in brics bank if India wishes to invite contempt.

India needs to learn some pragmatism from China, seeking common points while reserving differences.

a growing China will confront a growing India in many scenarios, that is inevitable. but that doesnt mean we cant cooperate before it becomes a full scale confrontation, as long as such cooperation benefits each other.

setting up a joint development bank is in the interests of all brics countries, why should you fight against it? because China may have more say in the bank? come on, be realistic! does that matter as long as India is benefiting from the bank?

China is bound to lead in the bank because China has more strength. if India was what China is today, the bank would be headquartered in India.

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[bose]

Re: Brics bank and what does india get out of it

i dont think members in brics bank will get upset when China asks for fund for project in Tibet, i simply dont see why. in fact, world bank has financed many projects in Tibet for years, including the construction of the Tibet railway.

but tawang is different, it has been claimed by China. for that reason, China blocked WB's plan to loan money for infrastructure developments in tawang, and China will certainly do the same thing to India in brics bank if India wishes to invite contempt.

India needs to learn some pragmatism from China, seeking common points while reserving differences.

a growing China will confront a growing India in many scenarios, that is inevitable. but that doesnt mean we cant cooperate before it becomes a full scale confrontation, as long as such cooperation benefits each other.

setting up a joint development bank is in the interests of all brics countries, why should you fight against it? because China may have more say in the bank? come on, be realistic! does that matter as long as India is benefiting from the bank?

China is bound to lead in the bank because China has more strength. if India was what China is today, the bank would be headquartered in India.

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India will ensure that China does not try to dominate others !!!

All BRICS countries will contribute equally... If India objects funds for TIBET then China have to respect that ...

One China and One India are mutually inclusive....

BRICS without India will fail ....

 

[LETHALFORCE]

Re: Brics bank and what does india get out of it

This is a good proposal. Petty politics should be put aside.

 

[t_co]

Re: Brics bank and what does india get out of it

China will be providing Brazil's and South Africa's funding tranches for the bank as several callable notes made to specialized entities set up in each of those countries. The board members from those countries come from those entities, and not directly from their governments. China can call in portions or all of Brazil's and South Africa's funding tranches at any time, effectively granting China de facto control over the votes of Brazil and South Africa because China can unilaterally defund those entities and hence kick them out of the bank at any time. In conjunction with Russia's concession to Chinese leadership on this issue, China controls 4/5ths of the votes in the bank.

India gets the president post for 5 years, but the bylaws of the bank will not be set up like the IMF/World Bank where the President has de facto project authority. Under the new bylaws (which China won the right to write), the vast majority of the bank's authority will be concentrated in an operating staff drawn from the Chinese Ministry of Finance and Chinese Development Bank, and they will be the ones responsible for finding projects for the bank to lend to.

Of course, it is well and good that the Indian commentariat feels like it has 'won' on this issue, given how easily bruised their feelings are. But de facto power in the bank still resides in China's hands, it will be hidden, and the average Indian will never know about it.

This is not to suggest India 'lost' at the meeting. India's weak hand at the meeting, coupled with China's skill at trade and commercial negotiation, meant this outcome was a foregone conclusion. It is interesting, however, to see how Modi has shown his skills as a politician and manager of public relations, even if his lack of experience in playing hardball international negotiation (he has only been PM for 2 months vs. Xi's experience as China's VP since 2008) has shown through.

 

[t_co]

Re: Brics bank and what does india get out of it

India will ensure that China does not try to dominate others !!!

All BRICS countries will contribute equally... If India objects funds for TIBET then China have to respect that ...

One China and One India are mutually inclusive....

BRICS without India will fail ....

China has 4/5ths of the votes of the bank and over 75% of the operating staff. Indian objections will matter little.

 

[CCP]

Re: Brics bank and what does india get out of it

to all chinese brothers....
1.If Arunachal is disputed...so is Tibet...so in all likelyhood ur govt wont get funding there from this bank...
2.To clear the records,both WB and ADB,cleared irrigation projects in arunachal,inspite of the chinese whimper,because in clear blank terms,u dont matter on their boards...both the usa and japan supported the projects...
3.Be happy but dont go gaga over hq in Shanghai,because according to some chinese folks it shows chinese control ovr the bank,sorry to inform guys,MANILA IS HQ FOR ADB...JAPAN N USA R THE MOST POWERFUL MEMBERS.
IMF IS IN WASHINGTON,EUROZONE CONTROLS IT.
AT MOST,IT IS A RECOGNITION THAT U R A VALUED MEMBER...JUST AS WE R BY GETTING INAUGURAL PRESIDENCY.
4.someone says 75pc banking staff will be from Chinese finance ministry...DONT DAY DREAM...EVEN WB ONLY HAS 29%AMERICAN EMPLOYEES..
and this is a multilateral body...
5.ANOTHER POINT WAS U GUYS HAVING WON THE RIGHT TO WRITE LAWS FOR THE BANK....please i know CCP..runs on jelly bean propaganda,but even this would be too much to consume for ur citizens..u guys will have a say in lawmaking,but nothing will be left only to u.
6.PRC fanboys r dreaming of buying and throwing out brazilian,sa n russian chairs,so as to get 4/5 votes...if u guys were that rich and powerful,u guys would simply buy ur votes in the world bank or IMF,and challenge usa,that u havent shows ur limitations...and even to dream of controling brazil or sa,when u cant control a Taiwan,or north korea properly...HEAVY DOPE ALL DAY LONG GUYS!!!
7.And for a country,which wont get presidency for 2 decades after it is founded,to do all such talk is rubbish...and lik in any other int. bank...CEO WILL HAVE EXECUTIVE FREEDOM...or else regulatory authorities world wide wouldnt even call this a bank...so chill about how u will write laws(coming from a country where few diciptators make laws behind closed doors)...u cannot simply do anything without consensus in this body...
8.SOME CHINESE THINK PUTIN WILL BACK THEM IN ALL SCENARIOS..BEWARE..HE WILL STRIKE U AT THE FIRST GIVEN OPPURTUNITY..right after gifting u the hq,he blocked ur move for presidency for 2 decades...
9.INDIA IS A DEMOCRATIC COUNTRY,TRUE WE TAKE BRICS ISSUES WITH INTEREST,BUT WE DONT WIN ELECS ON THIS,so we dont need NAMO to do pr management here,unlike u guys,who have to show all is well,everytime just to prevent revolution...
10.Oh yes,u guys controlling the bank in a hidden fashion,while showing india is at the helm.,..that is what u said...so it shows chinese still have to hide in everything they do,so afraid that their already battered image taking more beating,they will run the bank in a hidden manner...and they talk of strength prowess..this is how they will become world leader...!!!ur own statement shows what is ur condition!!!
11.FROM WANTING OVERWHELMING CONTROL OF THE BANK,to settling for equal shares,inspite of greater corpus,AND NOT GETTING PRESIDENCY OF A BANK IN YOUR COUNTRY FOR TWO DECADES TO COME...AND THEN BEING ABLE TO CALL XI A MASTER POLITICIAN....ONLY POSSIBLE IN CHINA...WHERE U DONT NEED TO VOTE..IN OUR COUNTRY THIS WUD BE TREATED AS A MAJOR EMBARESSMENT...
lastly...good for us that u guys think namo is all pr and inexperienced....tum logo ki bhi cong ki tarah ghumake lenge..!!

"..in the world of today there is no place for weak nations... We have been living in an unreal world of our own creation."
-Jawaharlal Nehru, Rajya Sabha, 1963


In your unreal world India is at least as powerful as China.

 

[Meriv90]

Re: Brics bank and what does india get out of it

China will be providing Brazil's and South Africa's funding tranches for the bank as several callable notes made to specialized entities set up in each of those countries. The board members from those countries come from those entities, and not directly from their governments. China can call in portions or all of Brazil's and South Africa's funding tranches at any time, effectively granting China de facto control over the votes of Brazil and South Africa because China can unilaterally defund those entities and hence kick them out of the bank at any time. In conjunction with Russia's concession to Chinese leadership on this issue, China controls 4/5ths of the votes in the bank.

India gets the president post for 5 years, but the bylaws of the bank will not be set up like the IMF/World Bank where the President has de facto project authority. Under the new bylaws (which China won the right to write), the vast majority of the bank's authority will be concentrated in an operating staff drawn from the Chinese Ministry of Finance and Chinese Development Bank, and they will be the ones responsible for finding projects for the bank to lend to.

Of course, it is well and good that the Indian commentariat feels like it has 'won' on this issue, given how easily bruised their feelings are. But de facto power in the bank still resides in China's hands, it will be hidden, and the average Indian will never know about it.

This is not to suggest India 'lost' at the meeting. India's weak hand at the meeting, coupled with China's skill at trade and commercial negotiation, meant this outcome was a foregone conclusion. It is interesting, however, to see how Modi has shown his skills as a politician and manager of public relations, even if his lack of experience in playing hardball international negotiation (he has only been PM for 2 months vs. Xi's experience as China's VP since 2008) has shown through.

Most realistic analysis so far (and I'm saying this after having lived 10 years in south-america),
The fact that Right Wing can't understand the difference in influence of China to Brasil/SA (import of commodities) from Eurozone (export of industrial products) when mentioning why China hasn't bought control of IMF prove t_co point. And Bose mention that the 10bilions from China weights as much as the 10 from each of the others show a total lack of knowledge in credit rating.

IMHO, the error has been made with the creation of the bank itself, you don't start a struggle (economic one this case) that you know you can't win. But you can still savage the situation, bring in countries that will never fall under chinese influence (not like you were doing with argentina, worst candidate ever!), like mexico,colombia (US influence) vietnam, phillipines, indonesia (south sea conflict). Don't allow at the same time african countries since they are already under chinese control (aim to french influence one like Algeria, Marroco).

P.S. Just in case I don't support China, I'm eagerly waiting for their own "lost decade" (chinese private companies debt just surpassed US one), their silver tsunami(thanks to one child policy) and enviroment problems, not only, now that they are changing from high labour products to high capital products will show how bad their lack of democracy affect their economy (by lack of honest competition as consequence of the level of corruption). Lets not even mention guolaosi with its death tool of 600k per year.

 

[bose]

Re: Brics bank and what does india get out of it

China has 4/5ths of the votes of the bank and over 75% of the operating staff. Indian objections will matter little.

All BRICS will have equal stake... China will not have its way...

 

[Meriv90]

Re: Brics bank and what does india get out of it

Bose you are a BBB- country versus China that has AA- credit ranking. Your 10 billions have less value than chinese one because they have a lot more garantees.

It is like comparing Japan (AA-) to Morocco (BBB-).

And the rest of the brics can easily be blackmailed by China imports.

 

[amoy]

Amigos here comes a potential [1ST] biz for NEW Development Bank

China supports Peru-Brazil transcontinental railway

During a meeting with President Humala, Xi noted the three countries are expected to issue a joint statement later in the day on the railway project, which will run all the way from the Peruvian Pacific coast to the Brazilian Atlantic coast.

Moreover, the Chinese leader proposed that a trilateral work group be established to navigate their cooperation in all related aspects, including the planning, design, construction and operation of the transcontinental rail.

Perfectly engaging Brazil and China as BRICS founding members, plus Peru a neighbour of Brazil