NDB, Contingent Reserve Arrangement contribute to global economic governance: Xi

Chinese President Xi Jinping said Sunday that the New Development Bank (NDB) and the Contingent Reserve Arrangement have contributed to enhanced global economic governance and the building of an international financial safety net.

They have also provided financing support for infrastructure building and sustainable development of BRICS countries, Xi made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen.

"The past decade has seen BRICS countries advancing results-oriented and mutually beneficial cooperation," Xi said. "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."

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.