Xi at BRICS summits

(L-R) Indian Prime Minister Manmohan Singh, Chinese President Xi Jinping, South African President Jacob Zuma, Brazilian President Dilma Rousseff and Russian President Vladimir Putin pose for a family photograph during the fifth BRICS Summit in Durban, March 27, 2013. [Photo/Agencies]

Xi attended 5th BRICS Summit on March 26 and 27, 2013 in Durban, South Africa.

Xi called on all BRICS members to work hand in hand for common development.

He pledged that China would strengthen cooperation with other members to make economic growth of BRICS countries more robust and their cooperation better-structured and more productive.

The most tangible outcomes of the summit is that the leaders have agreed to establish a development bank for mobilizing resources for infrastructure and sustainable development projects in the BRICS, as well as other emerging and the developing nations.

The BRICS leaders believed that the bank serves as a supplement to the existing efforts of multilateral and regional financial institutions for global growth and development, adding that the initial contribution to the bank should be sustainable and sufficient.

Meanwhile, the members also agreed to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA).