Research On The Legal Issue Of Governance Structure Of New Development Bank

The decision by the BRICS countries to establish the NDB has not only underscored the growing institutionalisation of the BRICS grouping,it has also potentially heralded the emergence of a counterweight to the traditional international financial institutions.The NDB is poised to play a key role in reforming the global financial system and in shaping a new development agenda.Since traditional Multilateral Development Banks like World Bank,Asia Development Bank and other Multilateral Development Banks have established for a long time,its structure of organization,regulation of meetings,settings of the right of votes have been long lagged behind the nowadays development of economic overall situation.With the rapid rise of the BRICS countries as representative of emerging economies,the current economic pattern is no longer been totally dominanted by western developed countries,a voice on behalf of the emerging economies,service institutions arises at the historic moment of the construction of the emerging economies.The establishment of the NDB itself is a new vitality injected into the International financial field.As the production of "south-south cooperation",NDB is devoted to support the infrastructure construction in developing countries,especially the BRICS countries.At the same time,Contingent Reserve Arrangement is set up to prevent financial crisis,to build financial safety net for the BRICS countries.NDB is the symbol of the progress from conception to entity of the cooperation of BRICS countries.It is a combination of long-term loan support with short-term emergency assistance,which can be regarded as an milestone event.The innovation of NDB in governance structure is mainly reflected in the organizational structure,the equity structure,the distribution of voting rights and the decision-making mechanism.But in the process of running in nearly three years,NDB also caused some controversy,especially the efficiency of the problems of parity structure,as well as the concentration of equity,the right to vote of credit rating and cost issues,are worth exploring.As an emerging multilateral development bank,NDB is the premise and key to its efficient operation and realization of organizational goals.This article selects thegovernance structure of NDB as topic.The first part will introduce the background,motivation,theoretical significance and practical significance of the establishment of the NDB.The second part introduces the concept of governance structure and analyzes the current governance structure and operation status of other multilateral development Banks.The third part will present the governance structure of NDB according to the agreement establishing a new development bank,including members of the authority,the enforcement agencies set up,the functions and powers,as well as the bank includes meeting system and decision-making system of operating mechanism.The fourth part firstly show examples of several representative governance structure of the MDBs,and then discuss the innovation and disputes that NDB has done and caused,and in the fifth part appropriate suggestions will be discussed.