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China appeals to BRICS bank to endorse infrastructure building in developing countries

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China appeals to BRICS bank to endorse infrastructure building in developing countries

On the 20th of July, Vice Premier of China, Zhang Gaoli, appealed to the BRICS New Development Bank to promote improvement of infrastructure in developing countries, Xinhuanet reports.

Speaking at the annual meeting of the New Development Bank 's board of directors in Shanghai, Zhang Gaoli, expressed a hope that new financing models will be established and more investments will be made into infrastructure.

In particular, according to the Chinese official, economic cooperation between the BRICS countries should be broadened and integration of global industrial chains needs to be promoted. He said that developing countries should have more influence in global economic governance.

As a reference, New Development Bank was set up by China, Russia, Brazil, India and South Africa in 2014.

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