Prime Minister Narendra Modi on Sunday extended his best wishes to China as Beijing prepares to take over the BRICS chairship and host the grouping’s next summit in 2027. His message came as BRICS enters its third decade, with Modi stressing that the grouping must now deliver “concrete results” rather than remain limited to ideas and commitments.&nbsp;Addressing the open session on the second day of the BRICS Summit in New Delhi, Modi said the world would increasingly judge the grouping by the outcomes it delivers.&nbsp;“BRICS is poised to enter its third decade. The world now expects concrete results from us, not just ideas and commitments. I am confident that through our collective efforts, we will certainly live up to these expectations,” Modi said.&nbsp;He also commended the participating leaders and their teams for making the New Delhi Summit a success and wished China well as the next host.<h3>West Asia war puts supply chains and Hormuz on agenda</h3>China will take charge of an expanded BRICS bloc at a time when geopolitical conflicts are increasingly affecting trade, energy flows and maritime security.&nbsp;The New Delhi Declaration reflected these concerns, with BRICS leaders expressing deep concern over escalating violence in West Asia and calling for maximum restraint from all parties to prevent further widening of the conflict.&nbsp;The declaration also raised concerns over deliberate attacks on civilian infrastructure and peaceful nuclear facilities safeguarded by the International Atomic Energy Agency.&nbsp;For BRICS, the conflict has implications beyond West Asia. The declaration stressed the need to protect global supply chains, strengthen maritime security and ensure uninterrupted energy flows through strategic waterways such as the Strait of Hormuz.&nbsp;Disruptions along key shipping routes can affect energy prices, trade flows and the movement of goods across economies. The conflict has also increased concerns over the safety of seafarers operating around strategically important maritime routes.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/pm-modi-calls-for-time-bound-action-on-new-delhi-declaration-extends-best-wishes-to-china-for-brics-chairship-1789294374341">PM Modi calls for time-bound action on New Delhi Declaration, extends best wishes to China for BRICS chairship</a>&nbsp;<h3>China takes charge of bloc dominated by its economic weight</h3>&nbsp;The China presidency is significant because Beijing has a dominant economic position within the expanded BRICS grouping.&nbsp;China accounts for more than half of the bloc’s nominal GDP. With a nominal GDP of around $19.6 trillion, its economy is several times larger than India’s, the second-largest BRICS economy. On a purchasing power parity basis, China also accounts for a substantial share of the grouping’s total output.&nbsp;This economic weight gives Beijing considerable influence, but it also places greater responsibility on China to balance the interests of members with different economic priorities and strategic positions.&nbsp;The Russia-Ukraine war and the West Asia conflict could prove particularly challenging. Russia remains directly involved in the Ukraine conflict, while Iran is at the centre of the West Asia crisis. The conflict has also affected other BRICS members, including Saudi Arabia and the UAE, through higher energy prices, trade disruptions and maritime security concerns.&nbsp;China will therefore have to maintain consensus within a bloc whose members have different positions on major geopolitical conflicts.<h3>Payments, local currencies gain momentum</h3>The financial agenda at the New Delhi Summit also offers China an opportunity to push practical economic cooperation.&nbsp;While the idea of reducing dependence on the US dollar and a possible common BRICS currency has attracted attention, the New Delhi Declaration did not endorse a common currency. Instead, members backed greater use of national currencies in trade and investment and efforts to improve the interoperability of payment systems.&nbsp;The BRICS Payment Task Force has been examining ways to make cross-border payments faster, cheaper, more accessible, transparent and secure. The declaration also noted work on interoperable payment and messaging channels.&nbsp;The approach could prove more achievable than creating a single BRICS currency. Greater use of national currencies and better-connected payment systems could reduce transaction costs and provide members with alternatives for cross-border trade.<h3>BRICS members carry common concerns into G20</h3>BRICS priorities are also likely to overlap with discussions at the G20, particularly on trade, global governance and the concerns of developing economies.&nbsp;Six of the 11 BRICS members are individual G20 members: Brazil, Russia, India, China, South Africa and Indonesia. This gives the bloc significant representation in the wider global economic forum.&nbsp;The weaponisation of trade, ongoing wars, supply-chain disruptions and greater representation for the Global South in institutions such as the United Nations, UN Security Council and World Trade Organization are likely to remain key issues.&nbsp;As China begins its BRICS presidency, Beijing will therefore face the challenge of converting the grouping’s growing economic and political weight into coordinated action.&nbsp;The New Delhi Summit has already identified several practical areas, including local-currency trade, cross-border payments, supply-chain resilience and maritime security.&nbsp;The expectation set by Modi is clear: BRICS must now move from commitments to “concrete results”.

As China takes over the BRICS chairship, the grouping faces the challenge of turning its growing economic weight into practical cooperation on conflicts, supply chains, maritime security and cross-border payments while expanding the use of local currencies.

Prime Minister Narendra Modi on Sunday extended his best wishes to China as Beijing prepares to take over the BRICS chairship and host the grouping’s next summit in 2027. His message came as BRICS enters its third decade, with Modi stressing that the grouping must now deliver “concrete results” rather than remain limited to ideas and commitments. Addressing the open session on the second day of the BRICS Summit in New Delhi, Modi said the world would increasingly judge the grouping by the outcomes it delivers. “BRICS is poised to enter its third decade. The world now expects concrete results from us, not just ideas and commitments. I am confident that through our collective efforts, we will certainly live up to these expectations,” Modi said. He also commended the participating leaders and their teams for making the New Delhi Summit a success and wished China well as the next host. West Asia war puts supply chains and Hormuz on agenda China will take charge of an expanded BRICS bloc at a time when geopolitical conflicts are increasingly affecting trade, energy flows and maritime security. The New Delhi Declaration reflected these concerns, with BRICS leaders expressing deep concern over escalating violence in West Asia and calling for maximum restraint from all parties to prevent further widening of the conflict. The declaration also raised concerns over deliberate attacks on civilian infrastructure and peaceful nuclear facilities safeguarded by the International Atomic Energy Agency. For BRICS, the conflict has implications beyond West Asia. The declaration stressed the need to protect global supply chains, strengthen maritime security and ensure uninterrupted energy flows through strategic waterways such as the Strait of Hormuz. Disruptions along key shipping routes can affect energy prices, trade flows and the movement of goods across economies. The conflict has also increased concerns over the safety of seafarers operating around strategically important maritime routes. Also Read: PM Modi calls for time-bound action on New Delhi Declaration, extends best wishes to China for BRICS chairship China takes charge of bloc dominated by its economic weight The China presidency is significant because Beijing has a dominant economic position within the expanded BRICS grouping. China accounts for more than half of the bloc’s nominal GDP. With a nominal GDP of around $19.6 trillion, its economy is several times larger than India’s, the second-largest BRICS economy. On a purchasing power parity basis, China also accounts for a substantial share of the grouping’s total output. This economic weight gives Beijing considerable influence, but it also places greater responsibility on China to balance the interests of members with different economic priorities and strategic positions. The Russia-Ukraine war and the West Asia conflict could prove particularly challenging. Russia remains directly involved in the Ukraine conflict, while Iran is at the centre of the West Asia crisis. The conflict has also affected other BRICS members, including Saudi Arabia and the UAE, through higher energy prices, trade disruptions and maritime security concerns. China will therefore have to maintain consensus within a bloc whose members have different positions on major geopolitical conflicts. Payments, local currencies gain momentum The financial agenda at the New Delhi Summit also offers China an opportunity to push practical economic cooperation. While the idea of reducing dependence on the US dollar and a possible common BRICS currency has attracted attention, the New Delhi Declaration did not endorse a common currency. Instead, members backed greater use of national currencies in trade and investment and efforts to improve the interoperability of payment systems. The BRICS Payment Task Force has been examining ways to make cross-border payments faster, cheaper, more accessible, transparent and secure. The declaration also noted work on interoperable payment and messaging channels. The approach could prove more achievable than creating a single BRICS currency. Greater use of national currencies and better-connected payment systems could reduce transaction costs and provide members with alternatives for cross-border trade. BRICS members carry common concerns into G20 BRICS priorities are also likely to overlap with discussions at the G20, particularly on trade, global governance and the concerns of developing economies. Six of the 11 BRICS members are individual G20 members: Brazil, Russia, India, China, South Africa and Indonesia. This gives the bloc significant representation in the wider global economic forum. The weaponisation of trade, ongoing wars, supply-chain disruptions and greater representation for the Global South in institutions such as the United Nations, UN Security Council and World Trade Organization are likely to remain key issues. As China begins its BRICS presidency, Beijing will therefore face the challenge of converting the grouping’s growing economic and political weight into coordinated action. The New Delhi Summit has already identified several practical areas, including local-currency trade, cross-border payments, supply-chain resilience and maritime security. The expectation set by Modi is clear: BRICS must now move from commitments to “concrete results”.

As China takes over the BRICS chairship, the grouping faces the challenge of turning its growing economic weight into practical cooperation on conflicts, supply chains, maritime security and cross-border payments while expanding the use of local currencies.

China takes BRICS chair: Wars, trade disruptions and local-currency trade in focus

Chinese President Xi Jinping on Sunday (Sep 13) called for a stronger role for the Global South in shaping international rules at the 10th BRICS Summit in New Delhi, where world leaders have gathered to discuss several global issues and development. Addressing Session II of the high-stakes summit, Xi said international law must apply equally to all countries and rejected the idea that powerful nations can dictate global affairs. He also unveiled five initiatives aimed at deepening cooperation within the grouping. Next year, China will hold the BRICS presidency.<h2>‘Might makes right does not hold’</h2>“A world without rules is like a crossroads without traffic lights, where chaos and disorder are all but guaranteed,” Xi said, according to the Chinese Foreign Affairs Ministry. “Fairness and justice are a universal aspiration, and international rules must be written by all countries.”“The logic of ‘might makes right’ does not hold and should have been discarded long ago,” Xi added, urging Global South countries to jointly defend sovereign equality, noninterference and the peaceful settlement of disputes.His remarks came against the backdrop of the New Delhi Declaration, in which BRICS expressed concern over global polarisation, distrust and ongoing conflicts.The grouping voiced “deep concern over the continued escalation of tensions in West Asia” and called for “maximum restraint, as well as avoiding actions that could further aggravate the situation.”Earlier on Saturday (Sep 12), Xi expressed concerns over the war in the Middle East, saying that the conflict does not serve the interests of the world.“As the situation in the Middle East and the Gulf region continues to evolve, the war there has caused serious losses to people across the region,” Xi was quoted as saying by state news agency Xinhua. It “does not serve the common interests of the international community”, he added.<h2>Xi’s five initiatives</h2>Open-source and inclusive AI: China proposed establishing a BRICS AI open-source community, with cooperation on large language models, specialised seminars and training courses to create an open AI ecosystem.Trade and investment facilitation: Beijing proposed a BRICS special economic zone partnership, including an intelligent portal for coordinating policies. China will also host the BRICS Forum on Trade in Services next year.Digital industry cooperation: Xi proposed a BRICS digital ecosystem cloud platform, alongside digital skills training, technological exchanges and industrial alignment to support the digital economy.Intelligent manufacturing cooperation: China offered to assist BRICS countries in developing smart factories and standards while promoting the transformation and upgrading of manufacturing.Science and technology talent development: Beijing proposed a BRICS engineer cultivation alliance for joint training and mutual recognition of competency standards. China will also launch a youth exchange programme focused on scientific and technological innovation.

<blockquote class="twitter-tweet">President Xi Jinping attended Session II of the 18th BRICS Summit and delivered an important statement. President Xi proposed five initiatives for deepening BRICS cooperation: 1️⃣ The open source and inclusive AI initiative. China will be a pioneer in establishing a BRICS AI… <a href="https://t.co/vkrgElHs7m">pic.twitter.com/vkrgElHs7m</a>&mdash; Xu Feihong (@China_Amb_India) <a href="https://x.com/China_Amb_India/status/2099058641869398498?ref_src=twsrc%5Etfw">September 13, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>BRICS pushes diplomacy</h2>The BRICS declaration called for dialogue and diplomacy in West Asia, protection of civilians and civilian infrastructure, and respect for sovereignty and territorial integrity.The bloc also reaffirmed support for a just and lasting Israeli-Palestinian settlement, called for an end to economic measures against Cuba and condemned conflicts in Sudan and Syria.&nbsp;

Xi Jinping at the BRICS Summit called for a stronger Global South role in global affairs, rejected ‘might makes right’ and unveiled five initiatives spanning AI, trade, digital economy and technology.

Chinese President Xi Jinping on Sunday (Sep 13) called for a stronger role for the Global South in shaping international rules at the 10th BRICS Summit in New Delhi, where world leaders have gathered to discuss several global issues and development. Addressing Session II of the high-stakes summit, Xi said international law must apply equally to all countries and rejected the idea that powerful nations can dictate global affairs. He also unveiled five initiatives aimed at deepening cooperation within the grouping. Next year, China will hold the BRICS presidency. ‘Might makes right does not hold’ “A world without rules is like a crossroads without traffic lights, where chaos and disorder are all but guaranteed,” Xi said, according to the Chinese Foreign Affairs Ministry. “Fairness and justice are a universal aspiration, and international rules must be written by all countries.” “The logic of ‘might makes right’ does not hold and should have been discarded long ago,” Xi added, urging Global South countries to jointly defend sovereign equality, noninterference and the peaceful settlement of disputes. His remarks came against the backdrop of the New Delhi Declaration, in which BRICS expressed concern over global polarisation, distrust and ongoing conflicts. The grouping voiced “deep concern over the continued escalation of tensions in West Asia” and called for “maximum restraint, as well as avoiding actions that could further aggravate the situation.” Earlier on Saturday (Sep 12), Xi expressed concerns over the war in the Middle East, saying that the conflict does not serve the interests of the world. “As the situation in the Middle East and the Gulf region continues to evolve, the war there has caused serious losses to people across the region,” Xi was quoted as saying by state news agency Xinhua. It “does not serve the common interests of the international community”, he added. Xi’s five initiatives Open-source and inclusive AI: China proposed establishing a BRICS AI open-source community, with cooperation on large language models, specialised seminars and training courses to create an open AI ecosystem. Trade and investment facilitation: Beijing proposed a BRICS special economic zone partnership, including an intelligent portal for coordinating policies. China will also host the BRICS Forum on Trade in Services next year. Digital industry cooperation: Xi proposed a BRICS digital ecosystem cloud platform, alongside digital skills training, technological exchanges and industrial alignment to support the digital economy. Intelligent manufacturing cooperation: China offered to assist BRICS countries in developing smart factories and standards while promoting the transformation and upgrading of manufacturing. Science and technology talent development: Beijing proposed a BRICS engineer cultivation alliance for joint training and mutual recognition of competency standards. China will also launch a youth exchange programme focused on scientific and technological innovation.

Xi Jinping at the BRICS Summit called for a stronger Global South role in global affairs, rejected ‘might makes right’ and unveiled five initiatives spanning AI, trade, digital economy and technology.

‘Might makes right does not hold’: China’s Xi challenges global power politics with 5 BRICS initiatives

Chinese President Xi Jinping today asked BRICS members to shelve their differences and accommodate each other&#39;s concerns by enhancing mutual trust and strategic communication, as he opened the 9th annual summit of the five member emerging economies here.

The opening ceremony of the three-day BRICS summit started with BRICS Business Council in this southeastern Chinese city in Fujian province amid a downpour triggered by typhoon Mawar which had caused widespread disruption to the summit preparations and the city&#39;s traffic. The typhoon also caused considerable disruption to the flights.

BRICS - Brazil, Russia, India, China and South Africa - is a grouping of the five emerging economies. The BRICS summit brings together the leaders of these countries.

Prime Minister Narendra Modi, Brazilian President Michel Temer, South African President Jacob Zuma and Russian President Vladimir Putin will attend the summit.

In his speech broadly focusing on enhancing cooperation between the BRICS members, Xi said, &quot;Construction of a tall building starts with foundation. We have laid the foundation and put in place the framework for BRICS cooperation.&quot;

Outlining BRICS cooperation in the last 10 years, he said treating each other as equals and seeking common ground while shelving differences is important part of cooperation.

&quot;In terms of BRICS cooperation, decisions are made through consultation (and) not by one country. We respect each other?s model of development, accommodate each other?s concern and work to enhance strategic communication and mutual trust,&quot; he told about 1000 delegates from different countries.

&quot;Given difference in national conditions, history and cultures, it is only natural we may have some differences in pursuing our cooperation,&quot; he said.

&quot;However with strong faith in cooperation and enhancing collaboration the BRICS countries can achieve steady progress in our cooperation,&quot; he added.

The summit comes days after India and China last week ended a 73-day standoff in Dokalam by withdrawing troops from the area. The two sides were locked in a face-off after Indian troops stopped the Chinese People&#39;s Liberation Army from building a road in the area.

In a candid speech without directly referring to differences, Xi referred to his multi-billion dollar Belt and Road Initiative (BRI) in which the China-Pakistan Economic Corridor (CPEC) is a crucial component.

India had protested to CPEC as it passes through Pakistan-Occupied Kashmir. India also boycotted the Belt and Road Forum (BRF) hosted by China in May.

Xi said BRI is not a tool to advance any geopolitical agenda, but a platform for practical cooperation.

It is not a foreign aid scheme, but an initiative for interconnected development which calls for extensive consultation, joint contribution and shared benefits, he said.

&quot;I am convinced that the BRI will serve as a new platform for all countries to achieve win-win cooperation and that it will create new opportunities for implementing the 2030 Agenda for Sustainable Development,&quot; he said.

He also said BRICS should promote the &quot;BRICS Plus&quot; approach to build an open and diversified network of development partners.

China has invited Egypt, Kenya, Tajikistan, Mexico and Thailand as guest countries for the Xiamen BRICS summit as special guests like India invited BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic) leaders for last year&#39;s BRICS summit at Goa.

&quot;We should get more emerging market and developing countries involved in our concerted endeavours for cooperation and mutual benefits,&quot; he said.

Xi said as a cooperation platform with global influence, BRICS cooperation is more than about five countries.

&quot;BRICS places high premium on cooperation with other emerging market and developing countries and have established effective dialogue mechanisms with them,&quot; Xi said.

Xi also said that BRICS cooperation has reached a crucial stage of development.

In assessing the performance of BRICS cooperation, it is important to bear two things in mind -- the historical course of global development and evolving international landscape; the historical process of development of BRICS countries, both individually and collectively, he said.

He said the development of the BRICS countries has delivered tangible benefits to more than three billion people.

Xi said that in the past decade, combined GDP of the bloc has grown 179 percent, trade increased 94 percent while urban population expanded 28 percent, contributing significantly to stabilising the global economy and returning it to growth.

He also said the BRICS countries have been committed to multilateralism, fairness and justice in the past decade.

BRICS countries have endeavoured to fulfil their international responsibility, and have staked out their positions on major regional and international issues and made proposals for addressing them during the past decade, Xi said.

The countries have promoted reform of economic governance to increase the representation and say of emerging market and developing countries, according to the president.

The bloc has also taken the lead in implementing the Millennium Development Goals and Sustainable Development Goals, and engaged in close dialogue and cooperation with other developing countries to pursue development through unity, the Chinese president said.

He said the BRICS countries should work to usher in second golden decade. Going forward BRICS countries have major tasks to accomplish, which are to grow economies and to strengthen cooperation, he said.

&quot;It is time to set sail when the tide rises,&quot; Xi said, adding that countries should work to let their economic cooperation have more substance.

&quot;Economic cooperation is the foundation of the BRICS mechanism,&quot; Xi said, referring to the progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership.

He also said BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation.&nbsp;

&quot;Leveraging our respective strengths and converging interests, we have put in place a leaders-driven cooperation framework that covers wide-ranging areas and multiple levels,&quot; Xi said.

The NDB floated by the BRICS countries and the Contingent Reserve Arrangement have provided financing support for BRICS infrastructure building and sustainable development, contributing to enhanced global economic governance and the building of an international financial safety net, he said.

BRICS countries should improve macroeconomic policy coordination, synergize development strategies, leverage strengths in industrial structure and resources endowment, and create value chains and a big market for shared interests to achieve interconnected development, he said.

&quot;We should blaze a new path which may also help other emerging market and developing countries to seize opportunities and meet challenges,&quot; Xi said.

He said economic globalization is facing more uncertainties, noting that emerging markets and developing nations find themselves in a more complex external environment.

&quot;The long road to global peace and development will not be a smooth one,&quot; said the president.

More than 700 million people are still living in hunger, tens of millions of people have been displaced and become refugees, while many people, including innocent children, have been killed in conflicts, Xi said.

He also said global economy has resumed growth, with emerging markets and developing countries delivering a strong performance.

A new round of technological and industrial revolution is in the making, and reform and innovation are gaining momentum, he said.

&quot;We have enough reason to believe that our world will be a better place,&quot; Xi said.&nbsp;

'Construction of a tall building starts with foundation. We have laid the foundation and put in place the framework for BRICS cooperation,' Xi said

Chinese President Xi Jinping today asked BRICS members to shelve their differences and accommodate each other's concerns by enhancing mutual trust and strategic communication, as he opened the 9th annual summit of the five member emerging economies here. The opening ceremony of the three-day BRICS summit started with BRICS Business Council in this southeastern Chinese city in Fujian province amid a downpour triggered by typhoon Mawar which had caused widespread disruption to the summit preparations and the city's traffic. The typhoon also caused considerable disruption to the flights. BRICS - Brazil, Russia, India, China and South Africa - is a grouping of the five emerging economies. The BRICS summit brings together the leaders of these countries. Prime Minister Narendra Modi, Brazilian President Michel Temer, South African President Jacob Zuma and Russian President Vladimir Putin will attend the summit. In his speech broadly focusing on enhancing cooperation between the BRICS members, Xi said, "Construction of a tall building starts with foundation. We have laid the foundation and put in place the framework for BRICS cooperation." Outlining BRICS cooperation in the last 10 years, he said treating each other as equals and seeking common ground while shelving differences is important part of cooperation. "In terms of BRICS cooperation, decisions are made through consultation (and) not by one country. We respect each other?s model of development, accommodate each other?s concern and work to enhance strategic communication and mutual trust," he told about 1000 delegates from different countries. "Given difference in national conditions, history and cultures, it is only natural we may have some differences in pursuing our cooperation," he said. "However with strong faith in cooperation and enhancing collaboration the BRICS countries can achieve steady progress in our cooperation," he added. The summit comes days after India and China last week ended a 73-day standoff in Dokalam by withdrawing troops from the area. The two sides were locked in a face-off after Indian troops stopped the Chinese People's Liberation Army from building a road in the area. In a candid speech without directly referring to differences, Xi referred to his multi-billion dollar Belt and Road Initiative (BRI) in which the China-Pakistan Economic Corridor (CPEC) is a crucial component. India had protested to CPEC as it passes through Pakistan-Occupied Kashmir. India also boycotted the Belt and Road Forum (BRF) hosted by China in May. Xi said BRI is not a tool to advance any geopolitical agenda, but a platform for practical cooperation. It is not a foreign aid scheme, but an initiative for interconnected development which calls for extensive consultation, joint contribution and shared benefits, he said. "I am convinced that the BRI will serve as a new platform for all countries to achieve win-win cooperation and that it will create new opportunities for implementing the 2030 Agenda for Sustainable Development," he said. He also said BRICS should promote the "BRICS Plus" approach to build an open and diversified network of development partners. China has invited Egypt, Kenya, Tajikistan, Mexico and Thailand as guest countries for the Xiamen BRICS summit as special guests like India invited BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic) leaders for last year's BRICS summit at Goa. "We should get more emerging market and developing countries involved in our concerted endeavours for cooperation and mutual benefits," he said. Xi said as a cooperation platform with global influence, BRICS cooperation is more than about five countries. "BRICS places high premium on cooperation with other emerging market and developing countries and have established effective dialogue mechanisms with them," Xi said. Xi also said that BRICS cooperation has reached a crucial stage of development. In assessing the performance of BRICS cooperation, it is important to bear two things in mind -- the historical course of global development and evolving international landscape; the historical process of development of BRICS countries, both individually and collectively, he said. He said the development of the BRICS countries has delivered tangible benefits to more than three billion people. Xi said that in the past decade, combined GDP of the bloc has grown 179 percent, trade increased 94 percent while urban population expanded 28 percent, contributing significantly to stabilising the global economy and returning it to growth. He also said the BRICS countries have been committed to multilateralism, fairness and justice in the past decade. BRICS countries have endeavoured to fulfil their international responsibility, and have staked out their positions on major regional and international issues and made proposals for addressing them during the past decade, Xi said. The countries have promoted reform of economic governance to increase the representation and say of emerging market and developing countries, according to the president. The bloc has also taken the lead in implementing the Millennium Development Goals and Sustainable Development Goals, and engaged in close dialogue and cooperation with other developing countries to pursue development through unity, the Chinese president said. He said the BRICS countries should work to usher in second golden decade. Going forward BRICS countries have major tasks to accomplish, which are to grow economies and to strengthen cooperation, he said. "It is time to set sail when the tide rises," Xi said, adding that countries should work to let their economic cooperation have more substance. "Economic cooperation is the foundation of the BRICS mechanism," Xi said, referring to the progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership. He also said BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation. "Leveraging our respective strengths and converging interests, we have put in place a leaders-driven cooperation framework that covers wide-ranging areas and multiple levels," Xi said. The NDB floated by the BRICS countries and the Contingent Reserve Arrangement have provided financing support for BRICS infrastructure building and sustainable development, contributing to enhanced global economic governance and the building of an international financial safety net, he said. BRICS countries should improve macroeconomic policy coordination, synergize development strategies, leverage strengths in industrial structure and resources endowment, and create value chains and a big market for shared interests to achieve interconnected development, he said. "We should blaze a new path which may also help other emerging market and developing countries to seize opportunities and meet challenges," Xi said. He said economic globalization is facing more uncertainties, noting that emerging markets and developing nations find themselves in a more complex external environment. "The long road to global peace and development will not be a smooth one," said the president. More than 700 million people are still living in hunger, tens of millions of people have been displaced and become refugees, while many people, including innocent children, have been killed in conflicts, Xi said. He also said global economy has resumed growth, with emerging markets and developing countries delivering a strong performance. A new round of technological and industrial revolution is in the making, and reform and innovation are gaining momentum, he said. "We have enough reason to believe that our world will be a better place," Xi said.

Xi opens BRICS summit, asks members to shelve differences

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China takes BRICS chair: Wars, trade disruptions and local-currency trade in focus

BRICS Summit: Xi challenges global power politics; unveils 5 initiatives

Xi opens BRICS summit, asks members to shelve differences