Xi stresses promoting Global South cooperation

During his visit to the BRICS' New Development Bank in Shanghai on Tuesday, President Xi Jinping highlighted China's further support for the multilateral institution and called on it to better contribute to the rise of the Global South.

Launched in 2015, the bank 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", and it 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 the Global South's cooperation, he added.

As the host country, China will consistently support the operation and development of the NDB, and is willing to strengthen cooperation with the bank and focus on green, innovative and sustainable development to achieve more pragmatic results, Xi said.

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

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.

Unilateralism and protectionism erode the authority of international law and damage the stability of industrial and supply chains, she said.

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

Wang Yiwei, a professor at Renmin University of China's School of International Studies and director of the university's Institute of International Affairs, said the BRICS mechanism and the NDB represent the vast number of developing countries, and they 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," he said.

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

When expressing his hopes for the NDB, Xi said it 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 projects in science and technology finance and green finance, "help developing countries bridge the digital divide" and accelerate the green and low-carbon transformation.

Xi also encouraged the NDB to be further pioneering and enterprising, amplify the voice of the Global South in discussions on reforming the international financial architecture, champion the legitimate rights and interests of the Global South, 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.