Xi urges BRICS countries to cement confidence in growth

BRICS leaders Chinese President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South African President Jacob Zuma and Brazilian President Dilma Rousseff pose for photos in Antalya, Turkey, Nov 15, 2015. [Photo/Xinhua]

During the meeting, the BRICS leaders pledged to strengthen their strategic partnership and cooperation in the course of carrying out the 2030 Agenda for Sustainable Development, and safeguard the interests of the emerging economies and developing countries.

They also called for early implementation of the 2010 reform plan of the International Monetary Fund.

In addition, other BRICS leaders voiced support for China in holding the rotating G20 presidency in 2016.

The BRICS held its 7th summit in July in the southwestern Russian city of Ufa, at which it announced the launch of the New Development Bank and Contingent Reserve Arrangement, two flagship projects of the BRICS cooperation mechanism.

At the summit, the Chinese president encouraged the BRICS countries to be confident in their cooperation mechanism against the backdrop of some complicated factors facing the bloc, such as the downward pressure on them due to the sluggish global economy, and external hypes of pessimistic views on the member states' prospect and doubts over the effectiveness of BRICS cooperation.

Xi also called on BRICS nations to build a four-pronged partnership -- safeguarding world peace, boosting common development, promoting diversified civilization and strengthening global economic governance.

Emerging countries have higher level of potential growth rate, Yuksel Gormez, a senior economist with the Central Bank of Turkey, told Xinhua in Antalya.

"In the following 10 to 20 years, growth performance in emerging countries will be higher than developed countries," he said.

Russia holds the rotating chair of BRICS in 2015, and India will take over the presidency in 2016.

"Next year, India has the BRICS presidency, and China has the G20 presidency. It's a very unique opportunity to bring India and China to work together in global economic governance," Akshay Mathur, an expert on geoeconomics studies at Gateway House (Indian Council on Global Relations), told Xinhua.

"There are two or three very important items that India and China can work on: green infrastructure, financing infrastructure, transnational infrastructure and regional trade agreement," he said.