Chinese President Xi Jinping on Tuesday visited the New Development Bank (NDB) in Shanghai and met with Dilma Rousseff, president of the multilateral development bank founded by the BRICS countries.
Rousseff led the bank's four vice presidents and other employees to welcome Xi when he arrived.
Xi congratulated Rousseff on her reelection as president of the NDB, and noted that the bank is the world's first multilateral development institution established and led by emerging markets and developing countries.
Xi called the bank "a pioneering initiative for the unity and self-improvement of the Global South," and said that it conforms to the historical trend of reforming and improving global governance.
He noted that the bank has grown into an emerging driving force within the international financial system and become a model of Global South cooperation.
He stressed that broader BRICS cooperation has entered a stage of high-quality development, and that the bank is set to embark on its second golden decade of high-quality development.
Xi called on the bank to consider the development needs of the Global South, and to provide more high-quality, low-cost and sustainable infrastructure financing.
The bank needs to improve its management and operations, implement more technology and green finance projects, and help developing countries bridge the digital divide and accelerate green and low-carbon transformation, Xi said.
In discussions on the reform of international financial architecture, the bank should amplify the voice of the Global South, safeguard the legitimate rights and interests of the Global South, and support the countries of the Global South in their pursuit of modernization, he said.
He noted that as the bank's host country, China will always support the operations and development of the NDB. China is willing to strengthen project cooperation with the bank and focus on green, innovative and sustainable development to achieve more results, he added.
China is also willing to share its development experience through the bank with other member countries, and stands ready to provide more international public goods, Xi said.
Xi pointed out that the Global South has collectively risen to become an important force in maintaining world peace, promoting common development, and improving global governance.
Noting that regardless of changes in the international situation, the overall direction of human development and progress will not change, Xi said China will firmly uphold its legitimate rights and interests as well as the common interests of the international community.
Rousseff thanked China for its longstanding and strong support for the development of the NDB.
She underlined that in today's turbulent world, the Chinese government firmly upholds the interests of the Global South, strongly supports multilateralism, resolutely defends international fairness and justice, and promotes the building of a community with a shared future for mankind,
Noting that unilateralism and protectionism are encroaching on the authority of international law and hurting stability of global supply chains, she reaffirmed the bank's dedication to multilateralism and supporting the developing countries and emerging markets.
Xi visits New Development Bank in Shanghai
