While stressing the need to build an open world economy, Xi also emphasized the importance of forestalling and defusing major risks and challenges in global development and working for more inclusive and resilient economic growth.

He underlined the importance of developing the "BRICS Plus" cooperation approach, and called for advancing this process to allow like-minded partners to become part of the BRICS family at an early date.

The summit, with the theme "Fostering High-quality Partnership and Ushering in a New Era of Global Development", came at a time when the world is facing the continued spread of COVID-19, tortuous global economic recovery and increasingly salient peace and security issues.

Brazilian President Jair Bolsonaro, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa joined Xi for the virtual summit.

The leaders exchanged views on BRICS cooperation in various fields as well as other major issues of common concern and reached broad consensus. They agreed that BRICS countries should uphold multilateralism, advance the democratization of global governance and safeguard international fairness and justice, in order to inject stability and positive energy into the volatile international situation.

While agreeing to bolster cooperation in various areas, including the COVID-19 response, they pledged to firmly uphold the multilateral trading system, advance the building of an open world economy and oppose unilateral sanctions and "long-arm jurisdiction".

The summit adopted a declaration to build a stronger BRICS partnership.

While addressing the summit, Bolsonaro voiced his hope that the BRICS nations will have a greater role in key international organizations at a time when emerging economies and developing countries are accounting for an increasing proportion of the global economy.

Putin said that some countries currently follow erroneous economic policies, and they are making other countries pay the price for their mistakes. The BRICS nations need to bolster unity and make a greater joint effort to tackle difficulties, he added.

Modi, noting that COVID-19 has had a huge impact on the global community, said the BRICS nations face similar challenges, and their stronger collaboration will make a key contribution to the world's recovery from the pandemic.

Ramaphosa said that the five BRICS nations represent the world's emerging economies, and they should seize the opportunity to boost collaboration. He noted that, as China holds the BRICS chairmanship this year, the group has held its first high-level meeting on climate change and made global development more inclusive and sustainable.