Chinese Reactions to the Brazil Protests
Protests in Brazil are currently the focus of discussion and debate within Chinese government institutions.
At this month’s BRICS summit in Fortaleza, Brazil, the leaders of Brazil, Russia, China, India and South Africa announced the much-awaited creation of the New Development Bank, also known as the BRICS bank. The newly minted financial institutions has been hailed as an alternative to Western multilaterals such as the International Monetary Fund and World Bank.
Negotiations in Fortaleza finalized several crucial details, including the bank’s leadership and the contributions required of member countries. The location of the bank was also debated, with separate bids by China, South Africa and India to house its new global headquarters. The final agreement, known as the Fortaleza Declaration, stipulates that:
Additional documents from the Fortaleza summit are available below:
Protests in Brazil are currently the focus of discussion and debate within Chinese government institutions.
Since 2005, China has provided upwards of $87 billion in loan commitments to Latin American countries.
Chinese lending to Latin America and the Caribbean hit an all-time high of $37 billion in 2010.