Xi visits New Development Bank

SHANGHAI -- President Xi Jinping on Tuesday visited the New Development Bank in Shanghai and met with Dilma Rousseff, president of the institution.

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 New Development Bank, 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.

The New Development Bank has emerged as a rising force in the international financial system and a shining example of Global South collaboration, he said.

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 New Development Bank. 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.

Noting that the Global South countries have risen collectively into an important force in maintaining world peace, promoting common development and improving global governance, Xi said no matter how the international situation changes, the general course of human development and progress will not alter.

China has achieved its development through self-reliance and hard work. It will firmly safeguard its own legitimate rights and interests, as well as the common interests of the international community, Xi noted.

Rousseff expressed her gratitude to China for its long-term strong support for the growth and expansion of the New Development Bank.

She said that under the leadership of President Xi, China has achieved extraordinary development results and played a pivotal role in advancing global governance, and is certain to realize the vision of the great rejuvenation of the Chinese nation.

Despite the volatile situation in today's world, the Chinese government has resolutely stood up for the interests of the Global South, supported multilateralism, defended international fairness and justice, and promoted the construction of a community with a shared future for all, setting an example for the international community, she added.

Noting that unilateralism and protectionism have been eroding the authority of international law and undermining the stability of industrial and supply chains, Rousseff said the New Development Bank will remain true to its original aspiration, take active measures, and contribute to promoting the development of developing and emerging-market countries.