Abstract:

 Global economic governance involves finance, trade and economic development, and its essence is to provide international public goods. The multilateral development banks in economic governance are oriented to development aid and responsible for poverty reduction. Without the joint participation of developed and emerging marketing economies, the global economic governance can hardly be aptly named. As one of the three pillars of the Bretton Woods System, World Bank has had both economic and political significance since its founding. World Bank has played an active role in global economic governance, however, due to the mismatch of voting power and economic scale, a lot of problems have been triggered. The BRICS New Development Bank was founded in the similar background where profound changes had already taken place in world economic order. Accordingly, BRICS New Development Bank, resembling the founding of World Bank, will not only have economic functions and political symbolic significance, but also play a part in constructing a new order for international economy.

Key words: BRICS New Development Bank, World Bank, new order for international economy, global economic governance