CRI听力:Xi Confident of BRICS Future, Proposes Closer Partnership

The BRICS partnership is the theme of this year's summit of the five emerging economies of Brazil, Russia, India, China and South Africa.

The meeting comes amid an economic slowdown among BRICS members and in other developing economies.

In his speech, President Xi Jinping voiced full confidence in the future of the BRICS cooperation mechanism, expressing the belief that the rising momentum of BRICS members will not waver.

"For emerging and developing economies their growth rate is slowing down and BRICS countries cooperation is presented with new challenges. At the same time, we need to be aware that BRICS countries' economies still have great potential to tap and there is a lot to be achieved in economic cooperation among BRICS countries."

The Chinese president shared his vision of building the BRICS group on a partnership that focuses on safeguarding world peace, boosting common development, promoting diversified civilization and strengthening global economic governance.

He has called on member countries to implement the BRICS Economic Partnership Strategy adopted at the summit and find new cooperation highlights.

"We should forge a closer partnership with each member making use of complementary advantages in resources endowment and industrial structure and jointly expanding development space. At the same time we should push forward the construction of the headquarters of the BRICS New Development Bank and an African regional center, so as to put them into use and achieve early results as soon as possible."

The BRICS New Development Bank with estimated capital of 100 billion US dollars and a Contingent Reserves Arrangement of another 100 billion dollars are the major concrete outcomes of the Ufa summit.

The new bank is expected to approve its inaugural investment projects in the beginning of 2016.

The leaders have all hailed the move as an important boost in their joint efforts to forge closer economic ties.

At the same time, Russian President Vladimir Putin has stressed the need to push for increased representation of BRICS countries in international financial institutions.

"We strongly support China to assume the rotating presidency of the G20 in 2016 to push for a louder voice of developing countries within the International Monetary Fund. In the near future, the new development bank will be actively involved in the construction of major transportation projects and other infrastructure. We've also approved a roadmap for investment, which is expected to be finalized before the year's end."

In addition to economic cooperation, the BRICS leaders have also discussed such global challenges as terrorism, drug abuse and cyber security.

President Xi Jinping says collective efforts are the key in addressing such challenges.

"We must jointly guard against and combat all forms of terrorism and strengthen cooperation in areas including information sharing and law enforcement. China is ready to join other countries to speed up and enhance cooperation against drugs and to push for resolving the drug problem at both the regional and global level."

At the end of the summit, the leaders adopted the Ufa Declaration and an action plan.

India has offered to host the 8th BRICS summit in 2016.

For CRI, I'm Qi Zhi.