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Premier Li meets president of BRICS bank

Updated: Jul 23,2015 8:21 PM

Premier Li Keqiang meets Kundapur Vaman Kamath, the first president of the newly formed BRICS New Development Bank, in Beijing on July 23.

The establishment of the New Development Bank signals a major step forward for cooperation among BRICS nations, Premier Li Keqiang said when he met Kundapur Vaman Kamath, the first president of the bank, on July 23 in Beijing.

Premier Li said the bank is also an important outcome of financial cooperation among developing countries and emerging market economies and will supplement the international financial system.

He said China is willing to work with other member states to improve the management of the bank and make it a professional, efficient, transparent and green multilateral development institution of the 21st century.

The Premier said he hopes the NDB will make use of its strengths by integrating finance with the real economy to support infrastructure building and industrialization in emerging market economies and developing countries, providing an additional incentive to international capacity cooperation and interconnectivity.

He said that despite difficulties in domestic and overseas markets, the Chinese economy managed to maintain a growth of 7 percent in the first half this year, in addition to creating an adequate number of new jobs and synchronous growth of people’s incomes with the national economy.

Premier Li Keqiang meets with K.V. Kamath (middle), president of the newly formed BRICS New Development Bank, in Beijing on July 23.[Photo by Wu Zhiyi/ China Daily]

The Premier said all this was only possible with the support of three measures.

First, the reform measures and incentives for innovation have inspired people to start new businesses, which led to greater market vitality and social creativity.

Second, new business models which emerged during economic restructuring have become the latest economic driving forces alongside with traditional industries.

Third, China has continued its opening-up policy to attract overseas investment.

He said China has the confidence and capability to handle risks and challenges, and maintain mid-to-high speed growth.

Kamath lauded the achievements of China’s development and said he has confidence in the development model of the Chinese economy, its outlook on sustainable development and its financial markets.

He said the NDB will bring the potential of BRICS states into full play in an innovative manner and achieve joint development.