Former Brazilian president highlights China's role in globalization

President of the New Development Bank (NDB) and former Brazilian President Dilma Rousseff has highlighted the role China plays in globalization at the Boao Forum for Asia (BFA) Annual Conference 2024 in Boao, south China’s Hainan province.

Speaking at the Rise of the Global South sub forum of the Boao Forum, Rousseff said that after the financial crisis in 2008, protectionism prevailed in international trade and continued until 2018, and the epidemic has also led to the disruption of the supply chain. She said geopolitical conflicts have brought more uncertainty, and sanctions against other countries have also brought more restrictions and risks.

President of the New Development Bank (NDB) Dilma Rousseff addresses a panel discussion themed "Rise of the Global South" during the Boao Forum for Asia (BFA) Annual Conference 2024 in Boao, south China's Hainan Province, March 27, 2024. (Xinhua/Tang Rufeng)

She said that China's rise on the global stage has brought more impetus to globalization. From the second half of 2022 to 2023, China's trade with the global South was gradually increasing, intra trade between developing countries and emerging countries was gradually increasing, and trade in Asia, the Middle East and Latin America was increasing.

“This is also a new trend of globalization and further promotes the stability of the global supply chain, and it is also a new multilateralism,” she said.

Rousseff said that the dependence of the United States on China in the import process may not be as high as before, and there will still be very in-depth exchanges with China's supply chain, but the role of the global South in this process is gradually being reflected.

“The global south may bring us a new balance in finance and trade, and will form a new global order after World War II,” she said.

Rousseff urged the acceleration of the creation of a new international financial regime as she also emphasized the need for the Asian Development Bank, African Development Bank, New Development Bank and others to establish new institutions to act together so that the existing liquidity can be continued and allow global south countries to get the same financing treatment.