Xiconomics: How China, along with other BRICS nations, turns aspirations for common development into reality

PEOPLE-CENTERED COOPERATION

In 2018 and 2021, the New Development Bank (NDB) granted loans of over $200 million to build roads, bridges as well as sanitation and communication facilities in Para.

In the city of Brasil Novo, local authorities managed to pave some 17 km of roads with the NDB funds and construction is expected to finish by August. The renovated roads and a well-designed drainage system will not only renew the community but also improve health condition of the residents as dust in summer used to flow into every single household and cause many to suffer from serious respiratory diseases.

Promoting the welfare of the people has always been a major area of the BRICS cooperation over the past 16 years. Since its inception in 2015, the NDB has become an essential part of the BRICS mechanism tasked with promoting joint development with a people-centered philosophy.

The bank has approved more than 80 projects regarding transportation, energy and other types of infrastructure with a total portfolio of some $30 billion to improve people's well-being.

"We should respond to people's concerns, pursue the larger interests of all countries, and steer global development to a new era to deliver benefit to all," Chinese President Xi Jinping said in his keynote speech at the opening ceremony of the BRICS Business Forum delivered on Wednesday.

His appeal for a people-centered approach resonates with the group's aspirations for shared growth and with his economic philosophy, known as "Xiconomics," which has guided China's own development and promoted its global cooperation programs.

Running a convenience store by an already paved road in Brasil Novo city, 38-year-old Giziany Fernandes Pereira has been enjoying public benefits brought by the project.

"It's much more comfortable now as you don't get your feet dirty as soon as you leave the house. Sales increased at my store because of easier accessibility. It is a wonderful program," she said.

The NDB loans have played a significant role in poverty reduction in the state, said Ruy Cabral, secretary of urban development and public construction of Para. "The NDB has been a spectacular partner for the facilities that it has provided us to date, and we hope to extend this partnership further."