That sense of confidence is backed by concrete growth. Weathering through the global financial crisis, the BRICS countries have managed to exceed even O'Neill's bullish expectations.
Over the past 10 years, the five countries have contributed more than half of global growth. Their total volume of trade and overseas investment accounts for 16 percent and 12 percent of the world's total, up from 11 percent and 7 percent in 2006.
It can truly be said to have been a golden decade.
Strong economic performance means the BRICS countries are now key players in the world economy, and the inclusion of South Africa has given the group more political weight in global governance when speaking for the emerging world.
As a stabilizer in regional and international relations, BRICS has been working hard to gain a bigger say on the international stage.
On April 18, the BRICS countries aired their views on important global issues for the first time since their establishment as a group, as Liu Jieyi, China's permanent representative to the United Nations, made their collective voice heard in a Security Council debate.
On behalf of the BRICS five, Liu called for financing to better implement the 2030 Agenda for Sustainable Development, as well as more international efforts in conflict prevention.
Ruan Zongze, executive vice president of the China Institute of International Studies, said: "BRICS cooperation has not only helped the countries themselves, but enhanced the right to speak on global issues for all developing countries."
As Xi said in June, the BRICS cooperation is "an innovation, which transcends the old pattern of political and military alliance and pursues partnerships rather than alliances."
"The BRICS mechanism surpasses the old zero-sum game mindset and practices a new concept of mutual benefit and win-win cooperation," he said.
But of course, that does not mean that the BRICS countries are without problems.
For example, while China and India are expected to see their economies expand by around 6.5 percent and 7.2 percent respectively this year, there is less optimism about Russia, Brazil and South Africa.
According to the World Economic Outlook, updated in July by the International Monetary Fund, South Africa's economy will expand by 1.0 percent in 2017, Russia's by 1.4 percent and Brazil's by 0.3 percent.
However, with concerted efforts, the BRICS five could well expand their pragmatic cooperation.
Wang Yi, the Chinese foreign minister, told reporters in March, citing Xi: "The BRICS countries are like five fingers -- short and long if extended, but a powerful fist if clenched together."
And Xi, addressing an informal meeting of BRICS leaders before the G20 summit in the German port city of Hamburg in July, urged the five member countries to unswervingly promote the building of an open world economy, multilateralism and common development.
The Chinese president said he looked forward to working with other BRICS leaders to ensure the Xiamen summit would deliver results that would inject fresh impetus into BRICS cooperation, offer new solutions on improving global governance, and make new contributions to world economic growth.
