February 27, 2016 / 10:38 AM / 3 years ago

China finmin says establishment of NDB may help drive global demand

China's Finance Minister Lou Jiwei (L) and China's central bank governor Zhou Xiaochuan attend a group photo session during the G20 finance ministers and central bank governors meeting in Shanghai, China February 27, 2016. REUTERS/Aly Song

SHANGHAI (Reuters) - China Finance Minister Lou Jiwei said the establishment of the New Development Bank (NDB) and the Beijing-led Asia Infrastructure Investment Bank (AIIB) will encourage existing multilateral institutions to do better.

He also said that the NDB, known as the BRICS Bank, could help drive aggregate global demand.

Lou was speaking at a news conference at the conclusion of the G20 meeting of finance ministers and central bank governors in Shanghai on Saturday.

Reporting by Brenda Goh; Writing by Pete Sweeney; Editing by Jacqueline Wong

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