The bank should promote the capabilities of macro research on the contingent reserve arrangement in order to enhance financial security for BRICS countries, he said.
Kondapalli praised Xi's proposal. "As a concrete proposal, the New Development Bank of BRICS has taken off with projects now being evaluated for execution," he said.
Back in 2012, facing the plunge in commodity prices and a sluggish global recovery, BRICS economies generally experienced slowing growth rates, and some even saw negative growth. However, combined domestic and international pressure inspired a strong will among the five emerging countries to strengthen their cooperation.
So far, the BRICS have developed over 60 cooperative mechanisms, covering various fields such as economy, trade, finance, agriculture, education, science and technology, culture, and think tanks. The cooperation in finance has become the most fruitful, with the NDB as a good example.
Over the past year, the NDB has become a tangible force behind the mutually beneficial cooperation within the BRICS. It has also pushed forward a reform of the international financial system, which could no longer objectively reflect the profound changes in today's global economic order.
The NDB has also set forth a new set of operating rules for the international financial system with an emphasis on equality both within the BRICS and between donor countries and recipients, which set up a new model of international aid and a new type of partnership, said Wang Lei, a researcher on BRICS cooperation with Beijing Normal University.
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