The IMF still controls the global south’s access to money. They are still driving global direction of debt discussions. They still require endebted countries to cut social spending and open up to privatization. Even BRICs money, like from China, as you state, is beholden to IMF approval.
https://chinaglobalsouth.com/analysis/imf-good-china-debt-trap-🤦🏾/
China and the BRICS countries are piloting a new path forward with the attempt to make the world more economically equitable. Anything that upsets the status quo will get negative press from the likes of politico.
Will it work for more than a handful of years before investors get cranky about product turnover?