The fifth BRICS Summit in Durban has achieved breakthroughs. The five BRICS countries have agreed to establish a development bank, a foreign reserves pool and a business council. The new stabilization fund will initially consist of $100 billion.

It is reported that $41 billion will come from China, and that Brazil, Russia and India will each contribute $18 billion. Another $5 billion will come from South Africa. BRICS countries are also reportedly planning to construct a fiber-optic cable that will link the five countries.

The Durban summit was a key step in the process of BRICS transforming into an entity from merely a concept. Some Western commentators believe that the objective of the mechanism is to end the international order dominated by the West.

This is an overreaction. It perhaps originates from the relative decline of Western powers and their loss of confidence. The achievements in Durban are practical, which will solve problems faced by developing countries rather than confront the West.

BRICS countries have no intention of acting against the IMF or the World Bank. But they do intend to make up for the neglect from the world's financial system toward the interests of developing countries and raise the influence of BRICS countries in terms of international finance.

The current global financial system is centered around the interests of Western countries. It protects the privileges of the West. It's reasonable to set up a BRICS development bank to make some changes.

It has been a long time since BRICS countries decided to establish their own financial institution. The West, though anxious, has no reason to object to it.

It's not the right time for the international community to play zero-sum games or confront one another. Even if an independent financial institution poses "challenges" to the West, this is not a sign of malicious intent from BRICS countries. The current global financial order should have the flexibility to tolerate such frictions.

The West should reflect upon the shortcomings of the current international financial order. If the West continues to view BRICS from its selfish point of view and refuses to reform, the leading role enjoyed by the West in terms of finance and economics will only diminish.

The astonishment from the West toward the Durban summit shows its rigid mindset. It simply takes BRICS' call for reforms as a signal of revolution.

Cooperation among BRICS countries is at a crucial point. China, the most powerful country in terms of economics among the five, is likely to contribute the most to BRICS' financial institutions. It doesn't mean China will have to bear some losses. Rather, it means China will have the most say in the development bank.

The world has demanded that China take on more responsibilities. China should respond cautiously while actively. This is the practical choice for China.