Governors’ Statements

Statement by the Minister of Finance of the People’s Republic of China, H.E. Mr. Kun Liu (Governor for China)

Your Excellency Minister Nirmala Sitharaman,
Dear Governors, and President Troyjo,
Distinguished Guests,
Ladies and Gentlemen,
Dear Friends,

  1. Greetings to you all. Let me begin by offering, on behalf of the Ministry of Finance of the People’s Republic of China, warm congratulations on the opening of the 7th Annual Meeting of the Board of Governors of the New Development Bank (NDB). I would like to express my sincere gratitude to the government of India, colleagues from other member countries and the Management of NDB for the tremendous efforts leading to this meeting, and extend my warm welcome to the Governors for Bangladesh and UAE for joining the meeting of NDB Board of Governors for the first time. And I would like to extend my congratulations and commendation to the Bank and the Management team led by President Troyjo, for the achievements made over the past year in admission of new member countries, moving into the permanent headquarters building in Shanghai and good preparation for the 5-year General Strategy 2022-2026.

 

  1. As we meet, COVID-19 is still spreading worldwide. Under the grave and complex international situation, the global economic growth has been weighed down, and the world is experiencing divergent recovery trajectories. We are facing severe challenges in implementing the UN’s 2030 Agenda for Sustainable Development (the 2030 Agenda). Against this backdrop, the theme of this annual meeting“NDB: Optimising Development Impact” is of great significance.

 

  1. Last September, Chinese President Xi Jinping proposed the Global Development Initiative (GDI) which aims at narrowing the North-South gap in development and pushing for a more robust, greener and more balanced global development. The GDI highly dovetails with the 2030 Agenda, and has been echoed and supported by the UN and other international organizations and nearly 100 countries. China stands ready to work with all partners to jointly seek more complementarity between the GDI and the strategic priorities of NDB and other member countries, injecting new dynamism into the realization of the 2030 Agenda and the global economic recovery.

Ladies and Gentlemen,
Friends,

  1. This year marks the beginning of NDB’s second Five-Year strategic period. Great expectations are placed on NDB, for its role as the major achievement and platform of BRICS economic and financial cooperation. NDB should take the second Five-Year General Strategy as an opportunity for greater achievements in its new journey.

 

  1. First, NDB should adhere to its nature of serving the emerging markets and developing countries (EMDCs) and the principle of political neutrality, and play a constructive role in supporting and facilitating its member countries to conduct pragmatic cooperation and coordination.

 

  1. Second, NDB should keep advancing membership expansion with openness and inclusiveness, so as to enhance its development effectiveness and global profile, and increase the representation and voice of EMDCs in global governance.

 

  1. Third, NDB should stick to pioneering and innovation. Focusing on client demand, the Bank should follow the new trend in infrastructure development, and raise the proportion of digital, green and social infrastructure projects in its portfolio. The Bank is also expected to be a growth engine and new heights of cooperation for EMDCs as a premier solution provider for infrastructure investment and sustainable development.

Ladies and Gentlemen,
Friends,

  1. Since the beginning of 2022, Chinese economy continued steady recovery. China’s first-quarter GDP expanded by 4.8 percent year on year, which is a hard-won achievement amid the grave and complex circumstances with major changes unseen in a century compounded by a once-in-a-century pandemic. This fully proves that the fundamentals of the Chinese economy – its strong resilience, enormous potential, vast room for maneuver and long-term sustainability – remain unchanged. Grounding our work in the new stage of development, China will apply its new development philosophy in full, in the right direction and in all fields endeavour,and redouble efforts for high-quality development. China will expand high-standard opening-up, and offer more opportunities for the unity, solidarity and cooperation among BRICS countries and EMDCs. These will provide great dynamism for the stability and recovery of the world economy and broader market opportunities for all countries.

 

  1. China holds the chair of BRICS this year, and we have been grateful for the strong support that President Troyjo and the Bank have extended to us. As a shareholder and the host country of the NDB, China will, as always, provide continuous support and good services to the Bank to facilitate its smooth and healthy operation and long-term development. We are always willing to work together with the Management and other member countries to ensure the Bank is better built, safeguarded and developed.

 

  1. Wish the 7th NDB Annual Meeting every success!

 

Thank you.