Xi says BRICS cooperation will usher in new 'golden decade'

He urged the countries to give full play to the win-win spirit and jointly contribute to the development of the organization.

Xi called on all countries to continue to prioritize development, follow multilateralism and the basic norms of international relations.

"As long as we think and work toward the same goal, the BRICS cooperation will be more productive and usher in a new golden decade," the president said.

The five countries' share in the global economy increased from 12 percent to 23 percent in the past decade while contributing to more than half of global growth.

To help finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, China co-founded the BRICS New Development Bank in 2014 with its headquarters in Shanghai.

It became fully operational in 2016 when the bank approved loans involving financial assistance of over 1.5 billion U.S. dollars for projects in green and renewable energy, and transport.

The heads of delegations thanked China for promoting BRICS cooperation as rotating chair, saying the BRICS is an emerging and promising mechanism.

They said all members should closely collaborate and jointly address global challenges, expressing confidence that the BRICS cooperation would further enhance the well-being and prominence of the BRICS.

They said their countries would work with China to strengthen BRICS cooperation and support China in hosting a successful BRICS summit in Xiamen in September.