Improving BRICS Cooperation

The Sixth BRICS Summit， themed “BRICS： Inclusive Growth， Sustainable Solutions，” was held in Brazils northeastern city Fortaleza. Chinese President Xi Jinping， Brazilian President Dilma Rousseff， Russian President Vladimir Putin， Indian Prime Minister Narendra Modi and South African President Jacob Zuma attended the summit.

The emerging-market bloc of BRICS announced to establish a development bank and a contingent reserve arrangement （CRA）. The bank， to be headquartered in Shanghai， is aimed at providing financial support for infrastructure and sustainable development projects in not only the five BRICS member states but also emerging economies worldwide. With an initial authorized capital of US $100 billion， the bank is expected to usher in a long-awaited and helpful alternative to the Western-dominated institutes in global finance.

The BRICS leaders also signed Fortaleza Declaration with various visions. These include a pledge by BRICS members to work with the global community to support sustainable， stronger and inclusive growth and promote quality job and stabilize the financial activity.

Chinese President Xi Jinping proposed a closer and more solid partnership among BRICS countries when he delivered a speech at the summit. In his speech， Xi urged to push forward sustainable economic growth， and called for launching all-round economic cooperation and building an integrated market in trade and investment. He stressed that China will continue participating in BRICS cooperation and make greater contribution to safeguarding world peace and promoting common development.

After the summit Xi went to Brasilia for a state visit to Brazil and meetings with leaders of Latin American and Caribbean nations. Brazil is the first leg of Xis Latin American trip， which later takes him to Argentina， Venezuela and Cuba.