BEIJING: Practical cooperation has always been the foundation of the BRICS mechanism, a good example of which is the launch of the New Development Bank (NDB).
Headquartered in Shanghai, the NDB was jointly established by Brazil, Russia, India, China and South Africa in 2014 to mobilize resources for infrastructure and sustainable development projects in BRICS member nations and other emerging market economies and developing countries.
Approving over 100 projects in all member countries for approximately $35 billion by the end of 2023, the NDB has safeguarded the economic development of the BRICS member countries and contributed to the improvement and development of the global economic governance system.
“The collective rise of the Global South is a distinctive feature of the great transformation across the world,” Chinese President Xi Jinping said during the BRICS Plus leaders’ dialogue in Russia’s Kazan on Thursday.
He called on the countries in the Global South to use their collective wisdom and strength and stand up to their responsibility for building a community with a shared future for mankind. BRICS Plus countries should be a stabilizing force for peace, strengthen global security governance, and explore ways to address both the symptoms and root causes of hotspot issues, Xi said.
Regarding the Ukraine crisis, China has repeatedly dispatched special envoys to engage in shuttle diplomacy, laying the groundwork for ceasefire talks. For example, since late July, Li Hui, a special representative of the Chinese government on Eurasian affairs, has visited Brazil, South Africa, and Indonesia – key members of the Global South. –The Daily Mail-CGTN news exchange item
