This aerial photo taken on June 17, 2022 shows the headquarters building of the New Development Bank in East China’s Shanghai. [Photo/Xinhua]
Nestled by the Huangpu River in Shanghai, the New Development Bank was founded by five BRICS countries in 2014 to provide financing support for member countries to bolster transport infrastructure, clean energy and digital infrastructure.
When President Xi Jinping visited the bank, he saw more than a mere financial institution. He described it as a “pioneering initiative for the unity and self-improvement of the Global South,” underscoring an enduring commitment to building a more just and equitable international order.
BRICS countries stand at the forefront of the Global South. Xi has personally pushed for the BRICS’ historic expansion in 2023 to create stronger unity among the Global South. The expansion, he said, would further strengthen the forces for world peace and development.
Developing countries remain underrepresented in the global governance system, which the West has long dominated. China maintains that only when the rise of emerging markets and developing countries is reflected in the global governance system will global development be more balanced and global peace more firmly based.
During the 2022 Group of 20 Summit in Bali, Indonesia, Xi vocally supported the African Union in joining the leading multilateral mechanism, making China the earliest and most vocal champion for amplifying Africa’s voice in global governance.
President Xi Jinping walks to the venue of the 17th summit of the Group of 20 in Bali,Indonesia, Nov 15, 2022. [Photo/Xinhua]
In recent years, Xi has proposed the Belt and Road Initiative, the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative as key global public goods to create a more just and equitable global governance system.
Former UN Secretary-General Ban Ki-moon said China’s initiatives to promote global peace and development are inseparable from Xi’s foresight.
“China is playing an increasingly important role on the world stage, and Xi has demonstrated proactive and crucial leadership,” Ban said. “He always believes that China can only do well when the world is doing well, and when China does well, the world will get even better.”
In Xi’s own words, “every increase of China’s strength is an increase of the prospects of world peace.”
chinadaily.com.cn
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