BRICS cooperation important amid complicated world environment: Xi

With profound and complicated changes taking place in the world, cooperation among BRICS countries becomes all the more important, Chinese President Xi Jinping said Monday.

The Plenary Session of BRICS Xiamen Summit was held in Xiamen, Fujian Province, on Monday, September 4, 2017. [Photo: China Plus]

Xi made the remarks while addressing the ninth BRICS summit in the southeastern Chinese city of Xiamen.

"BRICS cooperation meets common demands of our five nations for development and conforms to the historical trends," Xi said, underscoring their common pursuit of partnership and prosperous development despite their different national conditions.

"These have made it possible for us to transcend differences and disagreements and realize mutual benefits and win-win outcomes," he said.

The people of the BRICS countries count on us to enhance cooperation to improve their well-being, and the international community expects us to safeguard world peace and jointly promote common development, he said.

"We must redouble our efforts to deepen the BRICS partnership and usher in a second 'golden decade'," Xi said.

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.