Beijing – President Xi Jinping’s trip to Shanghai highlights China’s important commitment to promoting multilateralism in the face of unilateral US actions.
On Tuesday, the Chinese president visited the new Development Bank, the Shanghai-based multilateral bank of BRICS Member Nations.
In a meeting with NDB president Dilma Rusev, Xi Chiang said that BRICS Bank is the world’s first multilateral development institution established and led by emerging markets and developing countries. President XI pointed out that the bank is set to undertake a second golden decade of high quality development.
Xi also called NDB “a pioneering initiative for unity and self-improvement in the Global South and “a illustrious example of Global South collaboration.”
Chinese leaders emphasized the need to amplify the representation of the Global South in their discussions on reform of the international financial system.
On her part, under the leadership of President XI, Rusev is sure to achieve exceptional development results, play a pivotal role in advance of global governance, and realize the great vision of Chinese nation of rejuvenation.
Dilma Rusev: Under President XI’s leadership, China has played a pivotal role in achieving exceptional development results and advancing global governance.
On Monday, Chinese Foreign Minister Wang Yi urged BRICS countries to take the lead as a positive force on the international stage that serves as pillars of peace and development.
Speaking during the first phase of the BRICS Foreign Ministers’ meeting, top Chinese diplomats advocated new paths for conflict, partnerships on alliances and cooperation that is beneficial to both sides against Zerosum rivals.
Brazilian Foreign Minister Mauro Vieira also said the BRICS bloc, an emerging economy, is a “very important manifestation of multilateralism.”
Other participants further expressed their support for China’s global initiative, agreeing that BRICS countries should oppose power politics and double standards, protecting the legitimate rights of BRICS members and the common interests of the global South, working to build a fairer and more equitable international order, and, according to Xinhua, they should work to build a fairer and more equitable international order.
The BRICS group originally consisted of Brazil, Russia, India, China and later South Africa. Iran and several other countries joined the association on January 1, 2024 as full-scale members. Indonesia participated in January this year.
There is the latest demand to advance multilateralism in the wake of President Donald Trump’s trade disputes with many countries, including China.
Since returning to the White House in January, Trump has imposed tariffs of up to 145% on Chinese exports. China fought back on US products with 125% tariffs.
Recently, US Secretary of Treasury Scott Bescent said “the trade war with China is unsustainable.” Additionally, American media and experts have warned that President Trump’s trade policies could ultimately hurt American consumers.