Chinese President Xi Jinping emphasized China’s support for the BRICS-led New Development Bank (NDB) and called on the institution to further build ties with the Global South. Xi called the bank “a pioneering initiative for the unity and self-improvement of the Global South,” and said it will strengthen global governance reform.
Xi reiterated China’s support for the NDB and said their cooperation will focus on green and sustainable development. He also called on the bank to provide more sustainable and low-cost financing for infrastructure in the developing world. The bank has greenlit 99 projects worth over $33 billion since its founding in 2015.
WHY IS THIS IMPORTANT? Xi’s first visit to Shanghai since 2023 overlapped with the BRICS foreign ministers’ meeting in Brazil. His emphasis on Global South concerns dovetails with China’s proactive diplomatic outreach to the developing world as the Trump administration rolls back the U.S. presence there.
