Global economy remains in period of adjustment: Xi

The global economy is still not healthy enough and remains in a period of adjustment featuring weak growth, with new growth drivers yet to emerge, Chinese President Xi Jinping said on Sunday.

He made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum scheduled for Sept. 3-4.

Economic globalization is facing more uncertainties, Xi said, noting that emerging market and developing countries 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.

Meanwhile, the president pointed out that the global economy has resumed growth, with emerging market 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.

The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit in southeastern China's Xiamen city 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.