Former World Bank vice president and executive director Otaviano Canuto highlighted China's pivotal role within the BRICS platform, emphasizing its efforts to enhance cooperation and advance green, low-carbon development across BRICS members and other developing nations.
Canuto shared his insights in a recent interview with China Media Group from Washington D.C. ahead of the 2025 BRICS Summit, which takes place in Rio de Janeiro, Brazil, from Sunday to Monday.
As the rotating chair of the bloc of major emerging economies, Brazil is hosting the summit under the theme, "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance." Canuto commended China's role in strengthening the BRICS framework and fostering collaborative development initiatives.
"China plays a central and multifaceted role in the BRICS platform. Its contributions can be seen in at least three key dimensions: economic leadership, institution building, and advocacy for the Global South. Its vast market, trade relationships and investment flows are crucial drivers of intra-BRICS economic ties. China has promoted trade and investment liberalization among BRICS members and encourages practical cooperation in areas like infrastructure, energy and technology, but also institution building and development financing," said Canuto.
Canuto highlighted China's instrumental role in founding the New Development Bank, a crucial institution offering loans for infrastructure and sustainable development projects across BRICS nations and other emerging economies.
"China was a driving force behind the establishment of the New Development Bank, the NDB, which offers loans for infrastructure and sustainable development in BRICS and other emerging economies. It also helped create the BRICS Contingent Reserve Arrangement, providing financial safety nets to help members manage liquidity crises, but also on green development and sustainability. China has pledged to support green and low-carbon development within BRICS cooperation. It has promoted projects under the NDB with environmental and sustainability goals, helping partner countries access finance for clean energy and infrastructure," he said.
Headquartered in Shanghai, the NDB officially began operations in 2015 to fulfill its mission of mobilizing resources for infrastructure and sustainable development projects in BRICS member nations, as well as other emerging-market economies and developing countries.
"Going forward, China's continued commitment to inclusive development, infrastructure investment, technology transfer and sustainable growth will be essential for BRICS to fulfill its mission of promoting a fair, more multi-polar world order," said Canuto.
BRICS – an acronym derived from its first five members: Brazil, Russia, India, China and South Africa – has expanded to include 11 full member states and 10 partner countries.
Today, BRICS countries account for over half of the world's population, nearly 30 percent of global GDP, and more than 50 percent of global economic growth.
China plays central, multifaceted role in BRICS: former World Bank official
