The 9th Annual BRICS Summit kicked off in Xiamen with President Xi’s keynote speech. He Yafei shares his impressions on the keynote address as well as the important messages conveyed through President Xi’s rhetoric.

He Yafei delineates the achievements of BRICS members, in particular their contribution to the global economy and their ability to transform global governance.

Throughout Xi’s speech, he consistently emphasized cooperation as a means to implement the interests of BRICS, to promote ideas they all share, and to collectively cope with difficulties.

He Yafei dissects President Xi’s speech on BRICS having encountered “headwinds of varying intensity” and what it means both internally and externally for these countries moving forward.

“The world is entering a post-America era,” says He Yafei. With BRICS changing the global governance landscape, He Yafei delves into this new concept and explains the characteristics of such an era.

Going forward, as Brazil, Russia, India, China and South Africa set forth a broad and compelling vision for the next ten years, that vision must be informed by the principles, purposes, associations and ambitions that guided them through their first decade of collaboration and partnership.

China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries’ New Development Bank, Chinese President Xi Jinping said on Monday.

Asian giants China and India have great potential for cooperation, Chinese Foreign Minister Wang Yi said on Wednesday, seeking to cast the neighbors’ difficult ties in a positive light ahead of a visit next week by India’s prime minister.

The current international monetary order is failing to provide the necessary tools to cope with episodes of capital flow volatility. In the short term, the BRICS countries should step in and take steps to address this issue. In the long run, they should seek to reform the monetary system and promote international financial stability.

The organization BRICS faces challenges defining a mutual mission. Although these five emerging economies pride themselves on forming the first important non-Western global initiative with the aim to end the era of Atlantic dominance, the grouping is still searching to define a common identity and build institutionalized cooperation. Additionally, the Goa summit indeed was a reminder of China’s lengthening shadow over BRICS. China’s motives reflect a domineering power in the organization through its efforts to assert regional dominance, and the BRICS organization, coupled by a lack of common interest, struggles to establish legitimacy.