According to the different players, development cooperation is often divided into North-South Aid
and South-South Cooperation, both of which have a history of several decades. Since the beginning of the
21st century, the rise of a number of emerging economies has brought South-South Cooperation into a new
stage, which can be seen from the establishment of some new development finance institutions led by developing
countries. BRICS Bank, Asia Infrastructure Investment Bank (AIIB) and Silk Road Fund are three important
new development finance institutions. Compared with the traditional development finance institutions like World
Bank and International Monetary Fund (IMF), they have their own concepts of development cooperation, which
are different from the traditional ones. First, the new finance institutions pay more attention to the equality
between partners, not imposing conditions and respecting the ownership of development partners. Second, the new
development finance institutions value the market philosophy, which means that they emphasize the importance
of field investigation and implement development cooperation in accordance with the actual needs of the partners
and the comparative advantages of the providers. Finally, the new development finance institutions focus their
resources on problem-solving and avoid doctrines-imposing. They believe that it is easier for the developing
countries to achieve development through a gradual and bottom-up model. Although there are differences between
the traditional and new development finance institutions, the latter is not parallel to or substitute of the former.
They can cooperate with each other and provide better public goods for international cooperation through inclusive
competition.
CUI Wenxing (崔文星)
. Comparison Between North-South Aid and South-South Cooperation:Based on the Analysis of the New Development Finance Institutions[J]. Journal of Shanghai Jiaotong University(Science), 2016
, 21(1)
: 25
-32
.
DOI: 10.1007/s12204-016-1695-2
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