BRICS: Chinese premier hails the opening of the New Development Bank

July 23, 2015

Business, International

BRICS: Chinese premier hails the opening of the New Development Bank



BEIJING- Chinese Premier Li Keqiang on Thursday hailed the opening of the New Development Bank (NDB) as an “important step forward” in cooperation among BRICS countries.

“This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system,” Li said while meeting NDB President K.V. Kamath in Beijing.

The NDB opened in Shanghai on Tuesday to finance infrastructure projects, mainly in BRICS countries — the emerging economies of Brazil, Russia, India, China and South Africa.

“We are ready to work with other partners to improve governance structure, and build the NDB as a professional, efficient, transparent and green 21st-century multilateral development bank,” Li said.

He expressed hope that the NDB can aid the industrialization of developing countries, and help with global connections.

The NDB will have an initial authorized capital of 100 billion U.S. dollars, and initial subscribed capital of 50 billion U.S. dollars equally shared among the five founders.

Kamath told Li the NDB will exploit potential for economic growth and industrial cooperation among BRICS countries in an innovative way, to achieve common development.

Li noted that China’s economy posted 7-percent growth in the first half of 2015 in the face of various challenges, and the country also witnessed growth in employment and people’s income.

He attributed these achievements to three factors: a deepening of reform and encouragement of entrepreneurship and mass innovation, structural adjustment expanding domestic demand, and attracting more foreign investment.

The Chinese government is confident and capable of properly handling risks and challenges, to achieve medium-high growth and push the Chinese manufacture to the medium-high end of the value chain, the premier said.
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Video: BRICS countries launch new development bank in Shangha

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