— Remarks by Hu Jintao, President of the People's Republic of China,

at the Plenary Session of the Fourth BRICS Leaders Meeting

(New Delhi, India, March 29, 2012)

I am delighted to meet you all again in New Delhi. I want to thank Prime Minister Singh and the Indian government for the thoughtful arrangements they have made for this meeting.

The world today is undergoing major development, changes and adjustment. International and regional hotspot issues affecting world peace and stability keep flaring up. World economic recovery faces many destabilizing factors and uncertainties. And international development issues have become more pronounced. Despite all this, however, the trend of our times towards peace, development and cooperation remains unchanged, and people across the globe hope to see a harmonious world of lasting peace and common prosperity.

This is an important historical period and many emerging markets and developing countries have seized the opportunity to accelerate development. They have made vigorous efforts to explore development paths suited to their own conditions, advocate democracy and harmony in international relations, seek win-win cooperation in the globalized economy, promote cooperation through unity, and pursue development through cooperation. They have not only changed the lives of over three billion people, but also become an increasingly important force for South-South and North-South cooperation.

We believe that the growth of developing countries will raise the overall productivity of the human society, and help to make the global economy more balanced, international relations more reasonable, global governance more effective and world peace more durable. The international community should, bearing in mind both the immediate and long-term interests, endeavor to foster a sound environment for the growth of developing countries.

The BRICS countries are an integral part of the big family of emerging markets and developing countries, and we are forces for world peace and common development. It has not been long since we launched BRICS cooperation, but within just a few years, we have put in place a multi-tiered and wide-ranging cooperation structure and delivered real benefits to our people. BRICS cooperation now stands at a new starting point. We need to seek ways to build on past achievements and take BRICS cooperation to a new level through pioneering efforts. To this end, I wish to make the following proposals.

First, stay committed to common development and promote common prosperity. The BRICS countries account for 40 percent of the world's population, nearly 20 percent of the global economy, and 15 percent of international trade. We must continue to maintain economic growth, improve people's livelihood and run our own affairs well. This in itself is a major contribution to world economic recovery and growth.

Second, stay committed to consultation on an equal footing and deepen political trust. The BRICS countries are important forces for regional and world peace and stability. We should enhance political mutual trust through dialogue and exchanges, fully accommodate each other's major interests and concerns, set a good example of mutual respect and equal-footed consultation in the international community, and be good friends and good partners forever. On issues where there is consensus, we should move them forward with vigorous cooperation. And for those issues where there is currently no consensus, we should take incremental steps to build up conditions for cooperation.

Third, stay committed to practical cooperation and firm up the basis for cooperation. Practical cooperation is an important pillar of BRICS cooperation. The BRICS countries have different national conditions and development models. We should see these differences as providing an opportunity for us to draw on each other's strengths and engage in mutually beneficial cooperation. We should be results-oriented and efficient, and maximize the impact of our cooperation in various fields to strengthen the economic and social foundations as well as popular support for BRICS cooperation. We should follow through on the consensus to step up consultation and cooperation among our fiscal and financial authorities, and take solid steps to enhance existing cooperation and build up flagship projects. At the same time, we should further tap the potential and enrich the content of our cooperation.

Fourth, stay committed to international cooperation and promote the development of the whole world. The BRICS countries should step up communication and exchanges with other countries and share the fruits of cooperation. We should endeavor to move forward global economic governance reform and increase the representation and voice of emerging markets and developing countries. We should jointly advance South-South cooperation and North-South dialogue, and uphold the interests of developing countries. We should intensify communication and coordination in international economic, financial, trade and development fields, and jointly promote strong, sustainable and balanced growth of the world economy. We should also enhance communication and coordination at the G20, the United Nations and other multilateral mechanisms, and demonstrate BRICS countries' commitment to and support for multilateralism. I am convinced that with the further improvement of its mechanism, BRICS cooperation will produce more fruitful results. This will not only help enhance the well-being of our people, but also contribute to world peace, stability and prosperity.

China has made well-recognized achievements in development over the past 30 years and more since reform and opening up. China's rapid growth has not only enabled the 1.3 billion Chinese people to lead a better life, but also offered development opportunities for other countries. Yet China is also confronted with many challenges in maintaining steady and fast economic growth, and China remains the biggest developing country in the world. We will commit ourselves to scientific development, accelerate the shift of the economic growth model and adjustment of the economic structure, make every effort to expand domestic demand, ensure and improve people's well-being, and maintain steady and fast economic growth as well as social harmony and stability.

No matter how the international situation may evolve, China will always hold high the banner of peace, development and cooperation, and remain committed to the path of peaceful development and the win-win strategy of opening-up. While pursuing our own development, we will work for common development of the whole world. We will firmly support BRICS cooperation, and we will always stand together with developing countries, come rain or shine.