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?

The correct answer is 2 only.

Let us carefully analyse each statement one by one to understand why only Statement 2 is correct.

Statement 1: "New Development Bank has been set up by APEC."

This statement is incorrect. The New Development Bank (NDB) was not established by APEC (Asia-Pacific Economic Cooperation). APEC is a regional economic forum with 21 member economies focused on trade and economic cooperation in the Asia-Pacific region — it is not a body that sets up multilateral development banks.

The New Development Bank was established by the BRICS nations — namely Brazil, Russia, India, China, and South Africa. The agreement to establish the NDB was signed at the 6th BRICS Summit held in Fortaleza, Brazil, in July 2014, and the bank became operational in 2015. Its primary purpose is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. Since it was founded by BRICS and not APEC, Statement 1 is factually wrong.

Statement 2: "The headquarters of New Development Bank is in Shanghai."

This statement is correct. The New Development Bank is indeed headquartered in Shanghai, China. The decision to base the NDB in Shanghai was agreed upon during the BRICS Summit in 2014. Shanghai was chosen as the host city for the bank's headquarters, making it the first major multilateral development bank to be headquartered in China. The bank also has a regional office in Johannesburg, South Africa, and has expanded its membership beyond the original five BRICS nations.

Conclusion: Since Statement 1 is incorrect (NDB was set up by BRICS, not APEC) and Statement 2 is correct (NDB's headquarters is indeed in Shanghai), the answer is "2 only".