Chinese President Xi Jinping said on Sunday that BRICS cooperation has reached a crucial stage of development.

Xi made the remarks while addressing the opening of the BRICS Business Forum in the southeastern city of Xiamen.

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, Xi said.

The opening ceremony of the BRICS Business Forum begins on September 3, 2017 in the coastal resort of Xiamen, China’s Fujian Province.
Xi said Sunday that emerging market and developing countries are playing an ever greater role in international affairs.

Xi made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen.

“We are in a great era of development, transformation and adjustment,” Xi said. “The law of the jungle where the strong prey on the weak and the zero-sum game are rejected, and peace, development and win-win cooperation have become the shared aspiration of all peoples.”
The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit in Xiamen from Sept. 3 to 5.

An important side-event of the BRICS summit, the forum serves as a platform for business leaders to discuss issues of common concern, build consensus and raise policy suggestions.

Coined by former Goldman Sachs economist Jim O’Neill in 2001, the term “BRIC” referred to Brazil, Russia, India and China, four emerging economies with fast growth and great potential.

The BRIC grouping was formally established in 2006. In 2010, South Africa joined the group, and the acronym was changed to BRICS.
China has successfully embarked on a path of socialism with Chinese features, Xi noted. He said, under the leadership of the Communist Party of China (CPC), the Chinese people “have successfully embarked on a path of socialism with distinctive Chinese features” in close to 40 years of reform and opening up.

The upcoming BRICS Xiamen Summit, which will be held from September 3 to 5, is expected to pave the way for more practical cooperation among emerging markets and developing countries to inject impetus into the global economic recovery.

Source: People’s Daily/NewsGhana.com.gh