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The bloc has pledged continued contributions to global institutions and growth, especially regarding the New Development Bank (NDB) and the initiation of the BRICS Contingent Reserve Arrangement (CRA), which has has beefed up the global financial safety network.
Supervision is the fundamental guarantee for exercising power properly, as well as a crucial measure for strengthening and regulating political life within the Party, according to the communique of the sixth plenary session of the 18th CPC Central Committee, which ran from Monday to Thursday.
Developing countries should be encouraged to exchange governance experience, and enhance practical economic cooperation. It is necessary to better reflect the interests of emerging economies and developing countries in world economic development and global economic governance, said the initiative.
But there's still room for the bank to improve itself in financing, according to experts. For example, the NDB should offer more financial aid to developing countries in Latin America to give them more options, said Bruno De Conti, economics professor at the University of Campinas in Brazil.
Li met with Pakistani Prime Minister Nawaz Sharif on Wednesday morning, noting that pragmatic cooperation between the two countries, featured by the China-Pakistan Economic Corridor, has made positive progress. Li hopes the two sides can jointly implement the planning and construction of the Corridor and advance cooperation that serves public welfare and livelihood so as to benefit the two peoples.