BRICS countries' growth trend unchanged: Xi

Updated 2017-09-03 16:30:55 Xinhua

The growth potential and trend of BRICS countries remain unchanged, Chinese President Xi Jinping said Sunday. [Special Coverage]

He made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum scheduled for Sept. 3-4.

The president was refuting the assertion that BRICS countries are losing their luster as emerging market and developing countries have experienced growth setbacks.

Xi acknowledged that BRICS countries have encountered headwinds of varying intensity affected by complex internal and external environments, but he is upbeat about the countries' growth outlook.

"We are fully confident about it," he said.

The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit in southeastern China's Xiamen city 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.

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