Chinese President Hu Jintao said Thursday that reforming and improving the global economic governance and increasing the say and representation of emerging economies and developing nations would be conducive to world peace and common prosperity.
President Hu Jintao Thursday called for the reform of international monetary and financial systems, saying that the say and representation of emerging markets and developing countries should be increased.
BRICS Declaration Special: BRICS Summit 2011
Leaders of the five fast-growing emerging economies vowed to support the reform and improvement in international monetary system for the establishment of a stable, reliable and broad-based international reserve currency system.
The world economy's center of gravity is shifting rapidly to Asia, which will soon rival Wall Street as a source of routine market signals, Australia's central bank chief said Thursday.
Leaders from five of the world's largest emerging economies met in South China's resort city of Sanya Thursday morning for a summit to coordinate stance on major economic and international issues.
China's imports from emerging countries, especially South Africa and Brazil, grew dramatically in the first quarter of the year. Analysts said China's trading ties with other BRICS countries will continue to grow.
Leaders from the world's five emerging economies gathered in south China's beach resort of Sanya for the BRICS summit on Thursday.
Hu calls for immediate Libya cease-fire
Special Coverage: BRICS Summit 2011
Trade ministers from China, Brazil, India and South Africa on Wednesday expressed strong support for Russia's accession to the World Trade Organization (WTO) this year.
Beijing and New Delhi on Wednesday reaffirmed their resolve to maintain peace and stability in border areas until the dispute is finally settled, seeking to establish a consultation and coordination mechanism on border affairs.
China called for an immediate cease-fire in Libya to prevent an even worse humanitarian crisis, President Hu told visiting South African President during their meeting prior to the BRICS Summit.
China, Russia vow to boost relations Peace vital in Sino-Indian border areas
Brazilian President Dilma Rousseff arrived Wednesday evening in Sanya City of south China's Hainan Province to attend the BRICS Leaders Meeting scheduled for Thursday.
Chinese President Hu Jintao and his South African counterpart Jacob Zuma met Wednesday in Sanya City of south China's Hainan Province to exchange views on the development of the comprehensive strategic partnership between the two countries.
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