President stresses promoting Global South cooperation on visit to BRICS bank in Shanghai 

President Xi Jinping affirmed China’s resolute support for the BRICS’ New Development Bank (NDB) and called on the multilateral institution to better contribute to the rise of the Global South, as he visited the bank’s Shanghai headquarters on April 29.

Launched in 2015, the NDB is the first multilateral development institution created and led by emerging market nations and developing countries.

When Xi arrived in the morning, he was warmly greeted by NDB President Dilma Rousseff, four vice-presidents, and the staff.

Xi noted that the bank is “a pioneering initiative for the unity and self-improvement of the Global South”, which conforms to the historical trend of reforming and improving global governance.

The bank has become an emerging force in the international financial system and an outstanding example of Global South cooperation, he added.

As the host country, China will consistently support the operation and development of the NDB, Xi said.

China is willing to strengthen cooperation with the bank and focus on green, innovative, and sustainable development to achieve more pragmatic results, Xi said.

He added that Beijing is willing to share its development experiences through the NDB with other member countries and provide more international public goods.

Xi noted that the Global South has risen as a group and become an important force in maintaining world peace, promoting common development, and improving global governance.

No matter how the international landscape changes, the major direction of humanity’s development and progress will not change, he said.

China’s development is based on self-reliance and hard work, and the nation “will firmly safeguard its legitimate rights and interests and the common interests of the international community”, he said.

Rousseff thanked China for its long-term strong support for the NDB’s growth.

She said unilateralism and protectionism erode the authority of international law and damage the stability of industrial and supply chains.

The NDB will stick to its original aspiration, work actively, and contribute to the advancement of developing nations and emerging market countries, she added.

Wang Yiwei, a professor at Renmin University of China’s School of International Studies, said the BRICS mechanism and the NDB represent the vast number of developing countries and are aimed at boosting the voice of the Global South and promoting greater justice and fairness in the international order.

“China’s push for advancing the BRICS mechanism is not aimed at countering the existing international system, but at seeking benefits for, and better enabling collaboration among, these countries,” said Wang.

During the April 29 visit, Xi emphasized that “Greater BRICS Cooperation” has entered the stage of its high-quality development, and that the NDB should also embark on its second golden decade of high-quality development.

Xi said the bank should fulfill its original aspiration, “closely follow the needs of development in the Global South”, and provide more high-quality, low-cost, and sustainable infrastructure financing.

He called on the institution to improve its management and operation, implement more science and technology finance and green finance projects, “help developing countries bridge the digital divide”, and accelerate the green and low-carbon transformation.

Xi also urged the NDB to amplify the voice of the Global South in discussions on reforming the international financial architecture, champion the group’s rights and interests, and support the Global South countries in taking their paths to modernization.

Rousseff noted that in today’s volatile world, the Chinese government has set an example for the international community, as it firmly safeguards the interests of the Global South, staunchly supports multilateralism, steadfastly defends international justice, and promotes the building of a community with a shared future for mankind.

Under Xi’s leadership, China has made extraordinary achievements in development, played an important role in advancing global governance, and will surely be able to realize the great rejuvenation of the Chinese nation, she said.

zhangyunbi@chinadaily.com.cn