Xi Jinping Visits the New Development Bank of the BRICS Countries

On the morning of April 29, President Xi Jinping visited the New Development Bank of the BRICS countries in Shanghai and met with its President, Dilma Rousseff.

Upon Xi Jinping’s arrival, Rousseff personally greeted him, accompanied by the New Development Bank’s four vice presidents and its staff.

Xi Jinping extended his congratulations to Dilma Rousseff on her re-election as President of the New Development Bank. Xi pointed out that the New Development Bank is the first multilateral development institution founded and led by emerging market and developing countries, representing a pioneering initiative for the Global South to strengthen itself through collective action. It aligns with the historical trend of reforming and improving global governance, and has grown into a rising force within the international financial system as well as a hallmark of South–South cooperation.

Xi Jinping emphasized that “Greater BRICS Cooperation” has entered a stage of high-quality development, and the New Development Bank should likewise embark on a second “Golden Decade” of high-quality growth. It is imperative to stay true to the original mission, closely align with the development needs of the Global South, and provide more high-quality, low-cost, and sustainable infrastructure financing; to strengthen internal capabilities by improving governance and operations, implementing more fintech and green finance projects, helping developing countries bridge the digital divide, and accelerating their transition to green and low-carbon development; and to be bold in exploration and innovation, amplifying the voice of the Global South in discussions on reform of the international financial architecture, safeguarding the legitimate rights and interests of the Global South, and supporting its countries in pursuing modernization. As the host country, China will continue to lend unwavering support to the New Development Bank’s operations and development, and stands ready to deepen project cooperation with the Bank, focusing on green, innovative, and sustainable development to deliver more practical outcomes; moreover, China is willing to share its development experience with other member states through the New Development Bank and to provide more international public goods.

Xi Jinping pointed out that the collective rise of the Global South has made it an important force in safeguarding world peace, promoting common development, and improving global governance. No matter how the international situation evolves, the overarching trend of human development and progress will remain unchanged. China’s development is based on self-reliance and hard work, and China will steadfastly uphold its legitimate rights and interests as well as the common interests of the international community.

Rousseff expressed her gratitude for China’s longstanding and robust support in the development and growth of the New Development Bank, noting that under the wise leadership of President Xi Jinping, China has achieved extraordinary developmental successes and played a vital role in advancing global governance, thereby firmly on track to realize the vision of the great rejuvenation of the Chinese nation. She stated that, amid today’s turbulent global landscape, the Chinese government steadfastly upholds the interests of the Global South, staunchly supports multilateralism, resolutely safeguards international fairness and justice, and promotes the building of a community with a shared future for mankind, setting a remarkable example for the international community. By contrast, unilateralism and protectionism erode the authority of international law and undermine the stability of industrial and supply chains. The New Development Bank will remain true to its founding mission, act proactively, and contribute to the development of developing and emerging market economies.

Cai Qi, He Lifeng, Chen Jining, and others attended the aforementioned events.