(Yicai Global) March 21 -- If the BRICS New Development Bank (NDB) needs to increase its capital in future, this will change the current structure of equal equity among its five members. Chinese does not need to occupy the largest shares since it needs to take the lead in concepts, policy and strategy, said Zhu Xian, the bank's vice president and chief operations officer, as state news portal thePaper.cn reported.

Even if China's economic growth has slowed, it is still running at high speed, Zhu said yesterday. India's economic growth is quite rapid, but unstable, while Russia, Brazil and South Africa are in the throes of economic recession and low growth, and this is bound to generate unequal equity.

"However, in the political and strategic areas, these countries hope to gain an equal footing with China, which is worth us making concessions," Zhu added.

Unlike the Asian Infrastructure Investment Bank (AIIB), each country holds a 20 percent stake in NDB, whose current capital is USD50 billion, Zhu explained. If countries want larger shares, the bank can increase its capital to USD100 billion. If a new member joins and some countries hope to increase the capital to USD100 billion, other nations, especially small ones, may lack the financial wherewithal to acquire shares and voluntarily withdraw from the equity balance. If China raises its capital contribution, it will hold a corresponding stake. The problem of equality will have to be solved at that time, though countries do not know when this will happen.

"China does not need to take the lead in its equity holding in NDB in the current political stand. China should lead in concepts, policy and strategy and is striving for this," Zhu stressed.

The country is focusing on the cooperation between China and Russia in the Belt and Road Initiative, Zhu said. India has its own thoughts on the project since it is sensitive about Kashmir where the project is also underway following the agreement by China and Pakistan to cooperate in that regard. China has seen no movement in the collaboration with India on the project at present, Zhu said. NDB will make efforts and provide support for their future development to attract new members along the route, he added.