(Photo/CGTN)

Adopting "the right approach" is the key for the rapid development of BRICS, said Chinese President Xi Jinping on Monday in front of other leaders from the five-nation bloc.

Xi made the remark while delivering a keynote speech at the Plenary Session of BRICS Summit in the southeastern Chinese city of Xiamen.

Brazilian President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma were in attendance.

During his speech, Xi reviewed the cooperation among BRICS states in the past decade, and made a few announcements to further China's investment in the development of the bloc.

China will set aside 500 million yuan (about 76 million US dollars) for economic and technological cooperation and exchanges among BRICS countries, Xi announced.

The country will also contribute four million US dollars to the New Development Bank project preparation facility to support the business operation of the bank, he added.

Xi also called for the BRICS member nations to play a bigger role in international affairs.