Your Excellency President Lula, President Rousseff,
Dear Governors, Colleagues, Friends,
Ladies and Gentlemen,
Good morning! It is my great pleasure to attend the 10th Annual Meeting of the Board of Governors of the New Development Bank (NDB) in Rio de Janeiro. On behalf of the Ministry of Finance of China, I’d like to extend warm congratulations on the convening of this meeting and express our sincere gratitude to the Brazilian government and the NDB for their warm and thoughtful arrangements.
The NDB is a major milestone of BRICS cooperation. Chinese President Xi Jinping and other BRICS state leaders attach great importance to the establishment, operation and development of the NDB, and made important guidances on multiple occasions. This April, President Xi Jinping visited the NDB, highly commended the bank’s achievements over the past decade, and raised expectations for the bank to embark on its second golden decade of high-quality development. We are delighted to see that under the leadership of President Rousseff, the bank’s international influence and capacity to promote development continues to grow. I’d also like to take this opportunity to congratulate President Rousseff on her re-election and starting her next term.
Currently, the global economic recovery lacks momentum, and downside risks are intensifying. The NDB should uphold the BRICS spirit of inclusiveness and win-win cooperation, striving to be the most reliable development partner for BRICS and Global South countries on their journey towards modernization. In this context, I’d like to propose three points:
First, bear in mind the mandate and mission. The Bank must align closely with the development needs of the Global South and mobilize more resources to promote common development. China looks forward to the NDB strengthening synergies between its corporate strategy and development strategies of member countries, helping more Global South countries achieve modernization.
Second, accelerate membership expansion. With BRICS expansion progressing well, the NDB should seize this opportunity to actively advance the membership expansion, prioritizing the admission of BRICS new members and partner countries. It should practice true multilateralism, enhance the representation and voice of Global South countries in international financial governance, and promote a more just and equitable international financial system.
Third, innovate business models. Oriented by member countries’ demands, the NDB should scale up and strengthen local currency financing and enhance innovation in investment and financing instruments. Simultaneously, improve governance efficiency. Emphasis should be placed on investing in new energy and new technologies, supporting member countries in accelerating green and low-carbon transitions, and achieving leapfrog development.
Ladies and Gentlemen, Friends,
In the first half of this year, China’s economy withstood external pressures and achieved a sound start. Looking ahead, China’s economy possesses multiple strengths, and macroeconomic policies are more proactive and impactful. It will undoubtedly achieve sustainable and healthy growth, injecting certainty, stability, and positive energy into an open world economy.
As the host country of the NDB headquarters and a founding member, China will continue to provide strong support and high-quality services for the Bank’s development following President Xi Jinping’s guidance of “building, maintaining, and developing the NDB well”, and promote the bank’s entry into its second golden decade of high-quality development.
In the end, I wish the NDB 10th Annual Meeting a complete success!
Thank you!