On July 15，Brazil, Russia, India, China and South Africa are expected to unveil alternative organizations to the World Bank and International Monetary Fund.

The five emerging economies, known as the BRICS, are meeting at a two-day summit in Fortaleza, Brazil. Their World Bank alternative, tentatively named the New Development Bank, will start with $50 billion -- $10 billion from each member -- to fund poverty relief in developing countries. Its headquarter is set in Shanghai China, and the bank president is from India.

The bank's mission is to support the construction of infrastructure and sustainable development of the BRICS and other emerging markets and developing countries. Its authorized capital is $100 billion, and the initial subscribed capital is $50 Billion equally shared by the BRICS, the initiators of the bank. And when it was established, they will accept new members.

Reuters news agency reports that the bank is projected to make its first loan in 2016.

The BRICS will also set up a $100 billion fund in contingency reserves, as an alternative to the International Monetary Fund.

China will provide $41 billion for the IMF alternative, with $18 billion each from Brazil, India and Russia, and $5 billion from South Africa.

The Development Bank set in Shanghai will bring not only financial but also long term strategic benefits to China. In the short term, how China, the second largest economy, project the image of an emerging power affects its own development as well as the common interests of the International community.

It is China's great opportunity to promote and make contribution to the establishment of the Development Bank and to undertake its responsibility as a great power. The establishment of the Development Bank can push the construction of other countries' infrastructure, and it is also a good chance to share China's experience which is in line with China's "Out-going" strategy.