China ready to hold largest BRICS Business Forum

A press conference by the Organizing Committee of the BRICS Business Forum 2017 is held at the media center for the 2017 BRICS Summit in Xiamen, southeast China's Fujian Province, Sept. 2, 2017. (Xinhua/Li Xin)

China is ready to hold the largest BRICS Business Forum from Sept. 3 to 4 with over 1,000 business elites expected to convene in the southeastern city of Xiamen, Fujian Province.

Chinese President Xi Jinping will attend the opening ceremony of the forum and deliver a keynote speech.

The forum is expected to gather a record 1,200 attendees, including representatives from nearly 80 Fortune 500 multinationals, said Jiang Zengwei, head of the China Council for the Promotion of International Trade, at a press conference.

The 632 enterprises to be present at the forum cover both traditional industries such as energy and infrastructure and emerging industries such as biology and the Internet, said Jiang.

Themed "BRICS: Stronger Partnership for a Brighter Future", the forum will focus on trade and investment, financial cooperation, connectivity, and the blue economy.

Jiang expects the forum to bolster the business circle's confidence in expanding cooperation and strengthen their communication to provide valuable advice for policy making.

The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit, scheduled for Sept. 3-5.

An important side-event of the BRICS summit, the forum was launched in 2010 and is hosted by the country holding the rotating presidency of BRICS. It serves as a platform for business leaders to discuss issues of common concern, build consensus and raise policy suggestions.

Coined by former Goldman Sachs economist Jim O'Neill in 2001, the term "BRIC" referred to Brazil, Russia, India and China, four emerging markets with fast growth and great potential. In 2010, South Africa joined the group, and the acronym was changed to BRICS.

Leaders from five other emerging markets and developing countries -- Egypt, Guinea, Mexico, Tajikistan and Thailand -- will attend the Dialogue of Emerging Markets and Developing Countries during the summit and engage in dialogue with the BRICS members.