Xi Jinping called the BRICS bank a new force in the international financial system

The BRICS Bank has become a new force in the international financial system. This was announced on April 29 by President of the People's Republic of China (PRC) Xi Jinping.

Xi Jinping noted that the New Development Bank (NDB) has become a new force in the international financial system and a golden sign of cooperation in the global South.

"China is ready to share its development experience with other member countries through the New Development Bank and provide more international public goods," he said on the website of the Chinese Foreign Ministry.

The Chinese leader called for strengthening the role of the countries of the global South in the process of reforming the international financial system, stressing the need to protect the legitimate rights and interests of developing countries and support them on the path to modernization.

According to the Chinese leader, the collective rise of the global South has become a significant step towards strengthening global peace and promoting universal development and improving global governance.

Xi Jinping noted that China's successes have been achieved through hard work, and assured that the country intends to firmly defend its legitimate rights, as well as the interests of the entire international community.

Libra Reception: BRICS put expansion on pause

The Brazilian Foreign Ministry spoke about the difficulties faced by the association after the increase in the number of participants.

Earlier, on April 28, Chinese Foreign Minister Wang Yi, during a meeting with Russian Foreign Minister Sergei Lavrov in Rio de Janeiro, pointed out the continued mutual support of China and the Russian Federation. In his speech, Wang Yi also stressed the importance and strategic value of BRICS.