Basking in the glory of BRICS summit's decision to locate its Bank's headquarters in Shanghai, official Chinese media today said the move demonstrated the country's diplomatic capabilities and national strength.
"The launch of the BRICS bank with Shanghai as its headquarters is a testament to China's national strength, diplomatic capabilities and strategic position," state-run Global Times, known for its nationalist stance said
"China is the most outstanding country among all the emerging powers," it said, acknowledging that the idea of Bank had come from India.
"The fast pace and its implications have created waves in the West. This landmark event shows that BRICS countries have turned from a forum to an entity and may signal a new beginning for global strategic trends," it said.
Showering praise on the selection of Shanghai, it said: "That Shanghai is chosen to site the bank headquarters is good news. Shanghai is becoming a new geographic and financial centre in the 21st century."
"It unites the development momentum of the whole of China and is a major international metropolis in the Western Pacific. It is bound to be an outstanding host city," the editorial added.
Sure of securing the Bank's headquarters, China reportedly selected Shanghai as the location well in advance.
It will be located at the former site of the 2010 World Expo in the city's premier Pudong development zone, state-run CCTV said.
Another newspaper, the China Daily said Shanghai will help the city to realise the aspiration of becoming a global financial centre.
"It's the first time a major international institution will be headquartered in Shanghai.
It signals that the city's financial services are of a global standard," Chen Bo, an economist at Shanghai University of Finance and Economics told the Daily.
Chen said the bank will greatly benefit Shanghai as intergovernmental loans bring in more commercial transactions.
