President Xi bullish on BRICS as G20 opens

President Xi Jinping has called for a bigger voice for the BRICS nations in global economic governance, speaking on Saturday hours ahead of the 9th Group of 20 Summit in Brisbane, Australia. [Special coverage]

The nations would commit to building an open global economy and implementing the reform package of the International Monetary Fund (IMF), Xi said at an informal meeting with other leaders of BRICS, a term describing the emerging economies of China, Brazil, Russia, India and South Africa.

The president also urged the speedy establishment of a BRICS development bank and an emergency monetary reserve, two landmark decisions announced in July.

The meeting took place on the sidelines of the G20 summit, scheduled to for Saturday and Sunday, amid increasing pressure for US endorsement of crucial and much delayed IMF reforms.

The IMF quota and governance reform package, approved by the IMF's Board of Governors in 2010, aims to double its financial resources and increases the voting power in the IMF of emerging economies, such as BRICS countries.

Although all other major economies have ratified the reforms, the US, the largest shareholder of the Washington-based global lender, has not. The White House has repeatedly failed to get the ratification through Congress, meeting stiff opposition from Republicans.

Xi said the cooperation among the BRICS countries should be both an engine for the world's economy and a shield to ensure global peace. Xi also called for closer coordination in the international political and security arenas to safeguard the world's equality and justice.

He also urged continuing efforts by the group to build an integrated market, and to promote cooperation in finance, infrastructure, connectivity and people-to-people exchanges.

During this year's BRICS summit in July, the group signed a long-anticipated agreement to create the $100 billion BRICS development bank and a reserve currency pool worth over another $100 billion.

The moves are widely seen as a milestone in the current international currency system long dominated by the US and Europe. The measures will enable the BRICS to be less dependent on the US dollar and fend off exchange-rate turbulence.

The other leaders of the BRICS, which include Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma, said relevant countries should take responsible currency policies, calling for increasing investment and more ways to sustain growth.

Over the past 10 years, the five BRICS countries have accounted for 21 percent of global economic output and have contributed more than 50 percent to world economic growth.

During the two-day G20 meeting, Xi is expected to promote China's view on major issues in the global economy, put forward proposals, and work with other leaders to advance the transition of the global economy from seasonal recovery to sustainable growth.

Xi arrived in Brisbane on Friday night. After the summit, Xi will go to Canberra to pay a state visit during which he will hold talks with Australian Prime Minister Tony Abbott and deliver a speech at parliament.

Australia is the first leg of Xi's tour that will also take him to New Zealand and Fiji.