China the pillar of BRICS financial cooperation: Expert says

Emmanuel Daniel, chairman of The Asian Banker, in an interview on the sidelines of The Future of Finance China 2017 Summit in Beijing, Aug 3, 2017. [Photo by chinadaily.com.cn]

BRICS is an attractive investment proposition for global capital flows, and China's development has benefited other BRICS countries in achieving the goal to reestablish the moderate growth rate, said Emmanuel Daniel, chairman of The Asian Banker, a financial services industry intelligence provider in emerging markets, in Beijing on August 3.

In an interview on the sidelines of the organization's 2017 summit, The Future of Finance China, Daniel said that global capital flows as a whole has changed dramatically. "It does not go to the fastest growing countries. It does not go to the largest countries. It is looking for valuable propositions of technology, innovation and differences."

BRICS, comprising of Brazil, Russia, India, China and South Africa, have been coordinating constantly in the financial sector, and made major contributions in promoting growth for BRICS and the world economy as well as improving global economic governance.

As China will host the Ninth BRICS Summit this September in Xiamen, East China's Fujian province, it will work actively with parties concerned to push forward financial cooperation among BRICS countries and achieve more, as financial cooperation is one of the top priorities of this year's summit.

"Countries like India, South Africa and Brazil will have different levels of commitment depending on the reality of the political situation in each country," Daniel said. He also believes things like governance transparency and political stability are topics that BRICS has to improve on to continue to be a viable investment destination for global capital.

BRICS countries in recent years have made landmark achievements like establishing the New Development Bank, Contingent Reserve Arrangement, offering vital platforms for enhancing and deepening the financial cooperation among BRICS countries.

In 2017, China will explore cooperation in fields of public-private partnership, boosting convergence of accounting standards on bond-issuing and related auditing, and taxation, in a bid to lift the current financial cooperation to a new level, Chinese Finance Minister Xiao Jie said at the BRICS summit for finance ministers and central bankers in Germany's southwestern city of Baden-Baden this March.