China is playing a pivotal role in shaping the future of the Global South through the BRICS New Development Bank (NDB). Founded in 2014 and headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development projects across BRICS nations and other emerging economies.
By the end of 2023, the NDB had approved over 100 projects worth approximately $35 billion, significantly boosting economic growth in member countries and enhancing the global economic governance system. 💼🌱
Chinese President Xi Jinping emphasized the importance of collective action during the BRICS Plus leaders' dialogue in Kazan, Russia. \"The collective rise of the Global South is a distinctive feature of the great transformation across the world,\" he stated, urging nations to leverage their collective wisdom and strength to build a community with a shared future for mankind. 🤝🌐
Through these efforts, China and the NDB are not only fostering economic development but also promoting a more balanced and inclusive global economy. 🌟
