Xi visits New Development Bank in Shanghai

Chinese 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.

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.