XIAMEN, Sept. 3 (Xinhua) -- Chinese President Xi Jinping said Sunday that BRICS countries should work to let their economic cooperation have more substance.
"Economic cooperation is the foundation of the BRICS mechanism," Xi said in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen.
Xi said this year BRICS countries have made progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership.
He said BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation.
BRICS groups five emerging-market countries -- Brazil, Russia, India, China and South Africa. The cooperation framework was set up in 2006.
Xi said BRICS economies are facing challenges posed by shrinking global demand and rising financial risks.
To get through this stage, BRICS economies should pursue innovation-driven development created by smart manufacturing, the Internet Plus model, digital economy and sharing economy, Xi said.
He said BRICS countries should improve macroeconomic policy coordination, synergize development strategies, leverage strengths in industrial structure and resources endowment, and create value chains and a big market for shared interests to achieve interconnected development.
"We should blaze a new path which may also help other emerging market and developing countries to seize opportunities and meet challenges," Xi said.