China's got a lot on its plate with turmoil concerning neighbors to the south, as well as Japan, while internally it seems to be in the middle of a power struggle at high levels and is still making vain attempts at stopping its own citizens from talking about the most basic problems, such as food, inflation, etc.
However, yeah, it would be great if the BRICS bank could offer alternatives to IMF austerity and the financial aggression of the other 3 permanent members of the UN Security Council. So in that sense, Go China!