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Han Zheng: Shanghai Welcomes New Development Bank

    On July 21, Ha Zheng, member of the Political Bureau of the CPC Central Committee and secretary of the CPC Shanghai Municipal Committee, met with the management of the New Development Bank (NDB), which has officially opened for business in Shanghai.

    The NDB is the first international financial institution based in Shanghai, a major strategic decision adopted by the Central Committee of the Communist Party of China (CPC) and the State Council of China. It is the first bank dominated by the emerging economies in the world, which means that the BRICS countries, whose economic aggregate accounts for 21% and foreign reserve 40% of the world total, will play a more active role in the global financial framework.

    During the meeting, Han Zheng said that Shanghai has always been a place where financial institutions are gathered. Since the start of reform and opening up in China over 30 years ago and Pudong development and opening up 25 years ago, Shanghai’s financial industry has undergone rapid development and become now one of the pillar industries sustaining the city’s economic development, and accelerating the building of an international financial center is an important part of the turning of Shanghai into an international economic, financial, trade and shipping center. It is of great and profound importance that the BRICS countries have decided to put the NDB in Shanghai, and Shanghai is ready now and welcomes the opening of the NDB.

    K. V. Karmath, president of the NDB, expressed sincere thanks to Shanghai’s great support and help, saying that the NDB will give priority to the developing and emerging countries and cater to their infrastructure needs, and that it will increase links with its partners including the Asian Infrastructure Investment Bank and build itself into a highly responsive and efficient financial institution.

    Lou Jiwei, minister of finance of China, Shi Yaobin, vice-minister of finance of China, Tu Guangshao, executive vice-mayor of Shanghai, and the vice-presidents of the NDB were present at the meeting.