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Chinese president calls for promoting BRICS cooperation to new level (2)

(Xinhua)

08:13, March 30, 2012

"China's rapid growth has not only enabled the 1.3 billion Chinese people to lead a better life, but also offered development opportunities for other countries," he said.

No matter how the international situation may evolve, China will always hold high the banner of peace, development and cooperation and remain committed to the path of peaceful development and the win-win strategy of opening-up, Hu said.

While pursuing its own development, China will work for common development of the whole world, firmly support BRICS cooperation and always stand together with developing countries, he added.

The summit comes at a crucial moment for the bloc, as the global economic recovery is still struggling against fragile financial systems, high public and private debt, high unemployment and the rising price of oil. Pressing issues, such as climate change, food security and energy security are also posing challenges to the world.

With the theme of "BRICS Partnership for Global Stability, Security and Prosperity," the BRICS leaders are expected to discuss "political, economic and social issues of mutual and international interest," according to the summit host India.

The creation of an investment bank, or "BRICS Bank," the grouping's first institution, was also on the agenda. The summit concluded with a Delhi Declaration on major world and regional issues.

BRIC initially grouped Brazil, Russia, India and China, but was enlarged last year to include South Africa and renamed as BRICS. The first BRIC summit was held in 2009.

With roughly 42 percent of the world's population, BRICS has a combined nominal GDP of 13.6 trillion U.S. dollars in 2011, or 20 percent of the world's total, according to estimates by the International Monetary Fund.

The bloc aims to expand their inter-trade from 230 billion dollars last year to 500 billion dollars by 2015.

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