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, a pioneering initiative for the collective self-reliance of the Global South. It aligns with the historic 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 cooperation among the Global South.

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 essential 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; 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 remain proactive and pioneering by 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, as always, support the operation and development of the New Development Bank, stand ready to deepen project cooperation with the Bank, focusing on green, innovative, and sustainable development to deliver more practical outcomes; and, through the New Development Bank, share development experience with other member states and provide more global 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 may change, the overarching trend of human development and progress will remain unchanged. China’s development is driven by 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 for the New Development Bank’s growth and development, 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 Chinese nation’s great rejuvenation. She stated that, amid today’s turbulent global landscape, the Chinese government steadfastly upholds the interests of the Global South, resolutely champions multilateralism, unwaveringly 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 original mission, act proactively, and contribute to the development of developing and emerging market countries.

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