Foreign
The future of New Development Bank’s contribution to BRI and green finance initiatives

Dilma Vana Rousseff
The New Development Bank (NDB) is a product of the further maturation of the BRICS cooperation mechanism: the initiative to set up a multilateral development bank was first put forward at the fourth BRICS leaders summit in New Delhi in India in 2012, and consensus was reached on at the sixth BRICS summit in Fortaleza, Brazil 2014.
At both meetings, I was president of Brazil. Under the theme “Sustainable solutions for inclusive growth,” the five BRICS countries announced the signing of the agreement on the New Development Bank in Brazil in 2014. In 2015, the BRICS’s NDB was formally established, focusing on the two major areas of “infrastructure development” and “sustainable development projects.” The central idea is that the NDB shall mobilize resources for infrastructure and sustainable development projects in the NDB member countries, in complement of existing multilateral and regional development financial institutions.
Based on our strategy, sustainable infrastructure development is at the core of the Bank’s financing methodology, with about two-thirds of its lending going to projects in this area. Such projects effectively and strategically mobilize financial, and more importantly, social resources for sustainable infrastructure development of emerging markets and developing countries (EMDCs), in the fields of green recovery and inclusive economic growth. In addition, taking into account the specific period of history that we are in, post-COVID-19 recovery and climate change are by nature also at the core of the Bank’s vision. Furthermore, the Bank’s concept of development is based on the understanding that always must be sustainable and inclusive.
It is, also, highly-relevant to mention that, the NDB strategy is grounded on the understanding of challenges faced by globalization in recent years. Various crises have been shaking the process of globalization. The future of political globalization is at stake, and global economic relations are being reshaped. Rules and practices of international trade and finance are being fundamentally rewritten and transformed in ways history has never seen. Linkage in science and technology between Asia, North America, Latin America, Africa and Europe, which has been strengthening over the past three decades, is also going through a dramatic process of reshaping. Such changes impose grave risks on the world’s stability and prosperity. If not managed efficiently and sufficiently, such risks may well be both reasons and results of global political polarization. As a result, the world economy will be disintegrated into blocs. The world economy is threatened by all kinds of protectionism currently and maybe in the coming years. The objective of economic protectionism is economic hegemony, and it also means to suppress and contain the emerging economies. For these economies, this will lead to reduction of political space for their activities and the shrinking of margin for growth.
In reality, the threat of unilateralism and protectionism is posing many challenges to developing countries. The weaponization of sanctions and the “long arm of jurisdiction” do not solve any problems, but only create more difficulties and inequalities of opportunity for economic growth and social development, affecting the growth prospects of the world economy.
In that context, as an important participant in the new international financial architecture, the NDB is committed to prioritizing the use of local currencies for financing, while at the same time mobilizing funds in a wide range of currencies and markets.
The NDB also is dedicated to devising solutions, to address the mismatch between project cash flows and the needs of sustainable infrastructures in EMDCs and the NDB is aiming at financing in a targeted and customized manner, helping the emerging economies not only to gain economic growth, but most importantly, to achieve economic inclusiveness.
In order to counterplay and mitigate the weakening of globalization, the NDB and Belt and Road Initiative (BRI) join forces to create, develop and strengthen regional markets in EMDCs, to support and foster multilateral cooperations.
Within this scenario, the proposition of the BRI is an excellent example of aligning infrastructure projects with economic growth and social inclusion. The essential linkage between the NDB policies and the BRI is that the NDB not only provides financing and overcomes market failure, but also promotes technological progress and innovation demonstration. Both the NDB and the BRI through its projects have strengthened infrastructure in partner countries, helping them pursue their development goals and bolster their industry, value, and supply chains.
When we understand the BRI in its essence we realize that the BRI is not only about building roads, railways, ports, dams and other infrastructure facilities, but rather a major global opening up initiative that creates a new international cooperation platform. On the one hand, the BRI has helped build hundreds of industrial parks around the world and also facilitated the development of e-commerce through the digital silk road in different regions and countries, and promotes green development. On the other hand, the BRI is helping a large part of the global economy to shift to the green development path. The BRI focuses on planning and building large-scale infrastructure development projects; improving connectivity: facilitating cross-border trade and investment in different regions of the world; boosting cooperation among economies and increasing people-to-people exchange.
As we know, infrastructure financing is characterized by large up-front investment, long construction period, high political sensitivity, high professionalism, etc., which is risky, and privately financed infrastructure projects are prone to insufficient funds and face the dilemma of “market failure.” In addition, sustainable infrastructure financing also faces special risks and obstacles, including political and institutional factors, economic factors, market environment factors and project-level factors, etc. The provision of preferential funding by the NDB is conducive to overcoming market failure and obstacles to sustainable infrastructure financing, it therefore plays a leveraging role in attracting social capital into the fields of sustainable infrastructure investment and financing. I believe the NDB and the BRI share the same vision in this sense.
In essence, sustainable infrastructure construction and development require the promotion of technological progress and innovation demonstration. At present, the technological level of sustainable infrastructure in countries along the Belt and Road is relatively moderate and, they are striving to foster innovation as one of the core elements of the initiative. At the same time, the investment uncertainty and risk of technological obsolescence associated with technological innovation also make countries along the Belt and Road face a larger financing gap in this area than in general infrastructure. The degree of development and utilization of new technologies is an important criterion for the NDB to select sustainable infrastructure projects. Multilateral development banks take into great consideration the political and economic influence of multilateral sovereign governments, to promote demonstration projects for technological innovation in order to leverage investment in innovation.
Based on these settings, the NDB is entering a new momentum by welcoming new members such as Bangladesh, the UAE, Egypt and other members that are part of the BRI that may join. As the name “New Development Bank” suggests, the NDB, with its innovative mission and business model, has become an active force in promoting South-South cooperation and it is already a vital instrument that promotes new initiatives such as the BRI. Nearly 100 projects have been implemented by the NDB in a total investment of $32.8 billion. These successful investments in infrastructure projects have contributed to the rapid development of green finance in countries that are important nodes of the Belt and Road strategy.
Finally, the NDB are working hand in hand with several Belt and Road countries to contribute to a more inclusive and innovative global development.
Dilma Vana Rousseff is the president of the New Development Bank.
Foreign
Understanding the history of World War II to build a peaceful future
By Zhu Chengshan
“Dead To Rights,” a film about the Nanjing Massacre during World War II, recently premiered in China to significant acclaim, sparking a surge of interest in domestically-produced war films this summer.
Historical truth transcends time, possessing both revelatory power and enduring impact. The film portrays 15-year-old Luo Jin, an apprentice at Nanjing’s Huadong Photo Studio, who uncovered harrowing evidence while developing photographs for Japanese officers during the city’s occupation. The images captured scenes of mass killings, rape, and other atrocities committed against Chinese civilians by Japanese aggressors.
At great personal risk, Luo secretly duplicated dozens of the images and compiled them into an album. These materials were later safeguarded by Wu Xuan, a patriotic student, ultimately serving as pivotal evidence at the trial of Hisao Tani, the principal perpetrator of the Nanjing Massacre.
The true history cannot be erased. No matter how relentlessly Japanese right-wing forces or historical revisionists attempt to rewrite the past, their efforts are ultimately futile.
Does that painful chapter of history still carry meaning in our time? The answer is unquestionably yes. Patriotic education remains a lasting theme.
Chinese President Xi Jinping pointed out that the responsibility for war crimes lies with a few militarists, but not the people. However, people cannot at any time forget the severe crimes committed by aggressors. The Nanjing Massacre, committed by Japanese aggressors, was an atrocious anti-human crime and a dark page in the history of humanity.
This blood-soaked memory serves as a solemn reminder: when a nation is poor and weak, its people become vulnerable to the gravest violations of fundamental rights. We must never forget these historical lessons nor allow such tragedies to recur.
History serves both as the best textbook and dose of sobriety. The Nanjing Massacre remains one of the darkest and most harrowing chapters in the Chinese People’s War of Resistance Against Japanese Aggression. This is a historical truth universally acknowledged by the international community.
Throughout the war, more than 35 million Chinese soldiers and civilians were killed or wounded. China suffered direct economic losses of over $100 billion and indirect losses exceeding $500 billion, calculated in terms of 1937 levels.
As China commemorates the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, we recognize this conflict as modern China’s longest and largest struggle against foreign aggression..Despite paying the heaviest national price, it culminated in the Chinese people’s first complete victory in their fight for liberation – a triumph that belonged not only to China but to all peace-loving people worldwide.
A truthful understanding of World War II history is fundamental to building lasting peace for the present and the future. China’s prolonged resistance tied down vast numbers of Japanese troops, shattering the scheme of Japan joining forces with fascist Germany and Italy to launch a two-front assault and dominate the world.
As the main Eastern battlefield of the anti-fascist war, China’s war of resistance made a critical contribution to its worldwide victory and the cause of justice and freedom for humanity. Franklin D. Roosevelt, then U.S. President, once commented that without China, or if China had been defeated, many more Japanese divisions would have been deployed to other areas.
Today’s world is undergoing profound changes unseen in a century, and these changes are accelerating. Hegemonism, power politics and Cold War mentalities alongside growing economic coercion is on the rise. In the face of these challenges, the Chinese people feel more deeply than ever the importance of patriotism, unity, and self-strengthening.
This makes it all the more vital to confidently share the great significance of the victory in the Chinese People’s War of Resistance Against Japanese Aggression, and to highlight the decisive role of the main Eastern battlefield in the global fight against fascism.
To promote enduring peace and stability across the world, we must engage with history in a spirit of sincerity and humility – drawing wisdom from its experiences, and learning from its lessons, so that the true history can guide the way forward for all humanity.
(Zhu Chengshan is a Professor at Changzhou University, former vice president of the Chinese Society for the History of the War of Resistance Against Japanese Aggression, and former curator of the Memorial Hall of the Victims in Nanjing Massacre by Japanese Invaders)
Foreign
Chinese products bring coolness to European consumers

By Li Gang, People’s Daily
With heat waves sweeping across Europe this summer, demand for Chinese-made air conditioners (AC) is rising, signaling a shift in the region which is long accustomed to getting through the season without cooling systems.
Customs data reveals China’s air conditioner exports to EU countries reached $3.76 billion during the first half of 2025, representing a 43.2% year-on-year increase and setting a new record for the period. This growth continues the robust export momentum established in 2024.
Air conditioning is not as widely used in Europe as in many other parts of the world, due to high rental rates, deeply rooted awareness of environmental protection, and the high cost of installation and operation. Drilling into walls is often banned in historic buildings, and landlords generally won’t approve outdoor AC units. Installation must be carried out by certified professionals, often costing several hundred euros, with regular maintenance required.
To cope with the situation, Chinese air conditioner brand Midea has rolled out a portable split-type air conditioner for the European market. Portable, quiet, and comfortable, the product meets the needs of local consumers and is popular in Germany, France, Italy, the Netherlands, and beyond.
“This model has indoor and outdoor units, but unlike traditional split-type AC units, it’s easy to install and can be moved around. Its cooling performance is excellent,” said Zhu Zhou, sales director of Midea Residential Air Conditioners in Europe.
In Northern Europe, buying and installing an AC can cost around 3,000 euros. It’s a bit cheaper in Western and Southern Europe. The portable split-type AC is priced at 1,199 euros, users can save a lot by installing it themselves, Zhu said.
The spike in demand has ramped up production. At Midea’s smart factory in Nansha district of Guangzhou, south China’s Guangdong province, assembly of the portable split-type AC units is running in an orderly manner.
“We’ve shipped over 80,000 units so far, with another 20,000 scheduled for production,” said Sun Qi, head of production planning at the factory.
Midea has established dedicated production lines to ensure quality and output. The AC products are shipped to Europe via sea and the China-Europe freight trains. The sea freight route begins at Nansha Port in Guangzhou, passes through the Strait of Malacca, rounds South Africa, and arrives at the Port of Rotterdam, the Netherlands.
The rail freight route begins in Guangzhou, exits China via Horgos Port, and travels through Kazakhstan, Russia, Belarus, Poland and other countries before arriving in Germany. In the first half of the year, Midea’s AC sales in Europe rose 35 percent.
Multiple Chinese brands are gaining traction. The portable AC products of TCL DeLonghi, a joint venture between home appliances groups TCL and DeLonghi, are also selling well in Europe.
“Our sales are up 25 percent this year in the European market,” said Du Quanbin, head of market management at the overseas marketing center of TCL DeLonghi Home Appliances (Zhongshan) Co., Ltd., located in Nantou town of Zhongshan, Guangdong.
Production lines at the company’s production workshop are running at full capacity. According to Du, orders for Europe have already been shipped, and the products being made will be sent to countries such as Australia, New Zealand, South Africa, and Argentina, stocking up in advance for summer in the Southern Hemisphere.
Beyond air conditioners, Chinese-made cooling products are becoming common in German homes. German consumers report these offerings combine affordability with innovative features.
Stephen, a Berlin plumber who frequently works in uncooled environments, recently purchased a Chinese-made cooling uniform from a department store. The garment features breathable, heat-resistant fabric with UV protection and specialized cooling technology that maintains body temperatures up to 15°C below ambient conditions – a practical solution for extreme heat.
Shenzhen-based appliance supplier Weikenxiong observed a March surge in European orders for compact electric fans, now selling approximately 200,000 units monthly at over 100 euros each.
“This product was once a hit across Southeast Asia,” said Yu Yuewu, head of Yuecheng Plastic Products Factory in Longdu town, Chenghai district, Shantou of Guangdong. Holding one of the fans, Yu explained that it features an energy-efficient motor for powerful airflow, semiconductor cooling, and a built-in power bank, providing a steady stream of cool air.
The European market places strict demands on energy efficiency and environmental sustainability. “To maintain long-term market growth, the industry chain must push technological boundaries by adhering to high standards,” Yu added, expressing optimism about future prospects.
Foreign
Trump Condemns Killings of Christians in Nigeria, Promises Strong Response

By: Fabian Apechihin
The United States has issued a strong condemnation of recent massacres targeting Christians in Nigeria and across sub-Saharan Africa, describing the violence as “horrific” and pledging coordinated action with international partners.
The statement follows a series of deadly incidents, including the slaughter of 27 Christians in Bindi Ta-hoss, Nigeria, by suspected Islamist Fulani militants. Witnesses said many victims—women and children among them—were burned alive while sheltering in a church.
“I lost my wife and second daughter in the attack,” survivor Solomon Sunday told reporters. “They were burned alive.”
Just days earlier, on July 27, 49 Christians were hacked to death with machetes during prayers in the Eastern Democratic Republic of Congo. Authorities blamed the ISIS-linked Allied Democratic Forces. Across the region, groups such as Boko Haram and ISIS West Africa are accused of killing, displacing, and seizing land from Christian communities.
“The Trump administration condemns in the strongest terms this horrific violence against Christians,” the White House said, stressing that defending religious freedom is both a moral obligation and a U.S. foreign policy priority.
Human rights organisations have labelled the attacks a campaign of “ethno-religious cleansing.” John Eibner, president of Christian Solidarity International, noted that over 165 Christians have been killed in Nigeria’s Plateau State alone in the past four months. “People are being killed like chickens, and nothing is being done,” added local youth leader D’Young Mangut.
According to Open Doors, more Christians are killed for their faith in Nigeria than in the rest of the world combined. Over the past decade, jihadist violence in sub-Saharan Africa has claimed about 150,000 lives and displaced more than 16 million Christians. In Plateau State, more than 64 communities have reportedly been seized by armed Fulani militants.
Religious leaders warn the violence is systematic. Bishop Wilfred Anagbe, who lost 20 parishioners in a recent attack, accused militants of seeking to transform parts of Nigeria into an Islamic State. Families of victims say they are “tired of condolences” and demand tangible protection.
Henrietta Blyth, CEO of Open Doors UK and Ireland, called for urgent global attention: “For too long, nobody has been talking about the horrific wholesale slaughter of Christians. The Western world needs to wake up and be outraged.”
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