Emerging market, developing nations play greater role in int'l affairs: Xi

Chinese President Xi Jinping said Sunday that emerging market and developing countries are playing an ever greater role in international affairs.

Xi made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen.

"We are in a great era of development, transformation and adjustment," Xi said. "The law of the jungle where the strong prey on the weak and the zero-sum game are rejected, and peace, development and win-win cooperation have become the shared aspiration of all peoples."

The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit in Xiamen from Sept. 3 to 5.

An important side-event of the BRICS summit, the forum 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 economies with fast growth and great potential.

The BRIC grouping was formally established in 2006. In 2010, South Africa joined the group, and the acronym was changed to BRICS.