Consider the following statements : 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?

States that BRICS nations proposed to set up a Multilateral Development Bank and motivated the need for the New Development Bank (NDB).

A student could infer NDB was a BRICS initiative (not APEC) and check membership/founding declarations of BRICS vs APEC to test the statement.

Gives the NDB's establishment year (2015) and headquarters (Shanghai), providing concrete identity and timing for the bank.

Compare the 2015 founding and location with APEC's scope and activities (a forum) or with lists of organizations that created banks to assess plausibility.

Defines APEC as a regional economic forum of 21 Pacific Rim countries established in 1989 and headquartered in Singapore.

Use this to note APEC's nature (a forum of specific members) and then check whether APEC historically establishes multilateral development banks or whether its members overlap with NDB founders.

Explains that international economic institutions are established by the solidarity of several countries and gives the Bretton Woods conference as an example of founding mechanism.

Apply this pattern to ask which grouping (e.g., BRICS, APEC, or a conference) acted collectively in 2015 to found the NDB, then verify which grouping made such a founding decision.

Describes the creation in 2016 of another Asia-focused multilateral bank (AIIB) proposed by China, showing that regional banks are often founded by specific country groupings rather than by APEC itself.

Use this example to infer that multilateral banks in Asia tend to be initiated by particular countries/alliances (e.g., China, BRICS) and check whether APEC has a precedent of founding such banks.