(Yicai Global) Sept. 04 -- BRICS countries face the important tasks of developing the economy and boosting cooperation, and must work together to create another "golden decade" for BRICS countries' cooperation, President Xi Jinping said.

Xi made this proposal during a keynote speech at the opening ceremony of the BRICS Business Forum yesterday.

The traditional economic advantages of the BRICS nations are changing, and it is now entering the critical stage of climbing over the ridge, he said.

On how to transit this stage, Xi noted that the answer is not simply pursuit of growth rate, but should rather be to promote long-term structural reform and explore new growth momentum and development paths. 

Economic cooperation is the foundation of the BRICS members' mechanism, Xi advised, adding that BRICS members should closely follow this main theme, implement the Strategy for BRICS Economic Partnership, promote institutionalization and lay a solid foundation for cooperation in various fields, while constantly enhancing the content of BRICS cooperation.

The BRICS members should grasp the opportunities of the new industrial revolution, promote growth and transformation through innovation and actively participate in the wave of innovation and development brought about by intelligent manufacturing, Internet Plus and the digital and sharing economy, and make efforts to take the lead in speeding transformation, Xi said.

To jointly build the Belt and Road initiative is not a geopolitical tool, but a pragmatic cooperation platform, and not a foreign aid plan, but a joint discussion, construction and sharing common development initiative, Xi stated. 

China believes that jointly building the Belt and Road initiative will erect a new platform upon which for countries to achieve win-win cooperation and create new opportunities for the implementation of the 2030 Agenda for Sustainable Development, Xi concluded.