BRICS bank grounded on equal footing

Source:Global Times Published: 2014-7-17 23:48:01

The BRICS New Development Bank headquarters is set to be located in Shanghai. Some Westerners have shown their discontent and spoken out on the concepts that they have made up themselves, such as Chinese hegemony.

The Financial Times believes that "the selection of Shanghai speaks to a stark truth about the central role of China in the grouping." Reuters called China "big brother." Some Japanese media used the phrase "Chinese hegemony."

Even the Chinese would feel uneasy about these words, let alone people from other BRICS nations. The media is fomenting trouble among the five countries.

Equality is the political foundation of this grouping and the development bank. That's what differentiates the BRICS bank from the World Bank. Without equality, discrepancies and problems among the five countries will emerge. But with equality, the five can remain harmonious while remaining diverse.

That China's strength is above the others is a fact. But countries with different strengths can have equal status. Many developing countries know about this principle. However, the hegemonic mentality has prevailed in the West and equality has become hypocritical diplomatic rhetoric.

Keeping a low profile has not only been the philosophical doctrine in Chinese society, but also profoundly affected China's performance on the international stage.

As the world's No.2 power, China has shown a mild stance and is willing to share its power. It wants to draw support from BRICS, but has no ambition to control the group. All the other members would also like to develop with the help of this group, or else why did they join it?

The five countries are not part of the Western Hemisphere, but they desire democracy. The launch of the BRICS development bank is to realize equality.

The establishment of the bank took only one year since it was envisioned. It shows that the strength gap between China and the others is not the structural obstacle of this grouping.

The principle of equality has been endorsed among these countries, and taking an alarmist stance will hardly work.

Some Westerners eagerly look forward to seeing problems emerge from the bank. Such attitudes prove that the bank will play a critical role in maintaining the interests of developing countries. BRICS nations are wise enough to know this.

China, with the most strength in BRICS, can take a more prudent approach to equality, but doesn't need to  care too much about outsiders.

Meanwhile, all BRICS members need time to think about what equality really means.

In a world that is full of competition but led by the old orders, BRICS nations must not only have their own resources and strength, but also form their own understandings.

The potential of the BRICS bank will inevitably make some Westerners anxious, and we should be aware of what they think.

Posted in: Editorial

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