Chinese President Xi Jinping has publicly supported the growth of the BRICS New Development Bank (NDB), positioning it as a key driver for economic progress across the Global South. Speaking at a recent BRICS summit, Xi stressed that the NDB should play a central role in financing sustainable development and infrastructure in emerging economies.
The NDB, founded by Brazil, Russia, India, China, and South Africa, aims to provide an alternative to Western-led financial institutions. In his remarks, Xi called for the bank to broaden its membership and increase its lending capacity to support more countries in Africa, Asia, and Latin America. He highlighted that the NDB’s focus on local currency financing and sustainable projects aligns with the needs of developing nations.
Recently, the NDB has welcomed new members, including Algeria, Indonesia, Bangladesh, to mention a few. This expansion reflects the bank’s ambition to become a major player in global development finance. Xi urged the NDB to accelerate the approval of new projects and to innovate in green finance, digital infrastructure, and cross-border trade facilitation.
BRICS nations have long advocated for a more multipolar world order, seeking to reduce dependence on the US dollar and Western financial systems. The NDB’s growth is seen as a practical step towards this goal, offering emerging economies more choices for funding and partnership. Experts note that as the NDB expands, it could help bridge infrastructure gaps and foster economic resilience in the Global South.
Xi Jinping supports BRICS bank expansion to aid Global South economies, indicating China’s dedication to BRICS and developing nations. While analysts see potential challenges like geopolitical issues and governance needs as the bank grows.
Notably, China’s central bank, the People’s Bank of China (PBOC), is directing state lenders to reduce their purchase of U.S. dollars. This action is intended to support the value of the yuan and counteract the impact of a strong U.S. dollar. The move is also part of a broader strategy by China to enhance the global standing of the yuan and potentially decrease reliance on the dollar-dominated financial system, including through the exploration of a digital yuan.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
