sovereign debt crisis and discussing the governance reform of internationalfinancial
institutions. Moreover, China also acceded to the Basel Committee. The Basel
Committee, whose original members were mainly the USA and European countries,
was founded in February, 1975. On March 16, 2009, the Basel Committee decided
to admit Australia, Brazil, China, India, South Korea, Mexico and Russia as its new
members. China has gradually developed into a rule-maker from originally being an
outsider that unilaterally accepted banking rules.
7.2.1.2 The China-EU Exchange Mechanisms in Global Financial
Governance Have Become More Mature
Topics involved in China-EU exchanges in globalfinancial governance have
become more global and the exchange mechanisms have become more mature
compared with those before the crisis. Global issues such as the construction of an
international currency system, the internationalfinancial governance structure, etc.
have been included more and more in various China-EU exchange mechanisms in
globalfinancial governance. In the G20 Summit held in Washington in 2008, China
and the EU reached many consensuses on unifying supervision standards and
regulating the activities of internationalfinancial institutions.
7.2.1.3 The Gap Between China and the EU in Global Financial
Governance Capacity Is Narrowing
After the outbreak of the globalfinancial crisis, the uppermost emerging countries
including China and Brazil, Russia and India (South Africa was admitted later)
established the new BRICs cooperation mechanism for regularly holding leader
summits and meetings at other levels, etc. to express collective opinions concerning
internationalfinancial reform; they first initiated regionalfinancial cooperation
among the member countries to enhance their own voice and influence in the
internationalfinancial system (See Footnote 5). Emerging countries called for
change in an irrational allocation of IMF vote shares and required developed
countries to transfer more voting power to developing countries; in addition,
emerging countries also coordinated policy positions and endeavored to express the
same views on important international economic andfinancial issues; for example,
BRICs leaders conducted discussions and consultations on important international
economic andfinancial issues in a BRICs leaders’summit, and also held separate
meetings to coordinate their positions ahead of the G20 Summit. The Leaders
decided to establish the BRICs Development Bank in the 5th BRICs Leaders
Summit on March 27, 2013. The BRICs Development Bank later became the
largest worldwide development cooperation institution second only to the World
Bank and is conducive to providing more development support to developing
146 X. Hou