New Development Bank launched in Ufa

The Russian city of Ufa witnessed the launch of the New Development Bank on Thursday, a joint initiative by Brazil, Russia, India, China and South Africa, and part of China's efforts to build a multinational financial network.

So far China has joined, or proposed to establish, at least four new international financial institutions - the bank of the BRICS bloc; the $40 billion Silk Road Fund; the Asian Infrastructure Investment Bank; and a proposed Development Bank of the Shanghai Cooperation Organisation.

Chen Fengying, director of the World Economy Institute at the China Institutes of Contemporary International Relations, said these financial institutions could further lift China's outbound investment, facilitate economic integration through Beijing's Belt and Road Initiative and promote the use of the renminbi on the global market.