At the Seventh BRICS Summit in Ufa, Russia on July 9, 2015, leaders of the BRICS (Brazil, Russia, India, China and South Africa) grouping exchanged views on the global situation and agreed to deepen pragmatic cooperation. Jiang Feifei, a researcher with the Chinese Academy of International Trade and Economic Cooperation, says an important aspect of the summit was highlighting collaboration among the financial institutions independently created by emerging economies. These include the BRICS New Development Bank (NDB), Contingent Reserve Arrangement (CRA), Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund (SRF). Her thoughts on this and other summit outcomes follow:

As depicted in the summit's theme - Partnership: A Powerful Factor for Global Development - these five emerging powers, with shared interests in international and regional affairs, have become substantial contributors to the global economy, important players in international politics, and active advocators and builders of a new international economic and political order. According to the International Monetary Fund, BRICS countries have contributed over 50 percent of the world's economic growth. China is a strong supporter of and an active participant in the BRICS partnership. It was President Xi Jinping's third consecutive attendance at the BRICS summit, showcasing the great importance China attaches to it.

Currently, the United States and the eurozone have seen no breakthroughs in their subdued economic performance. Development prospects, of the latter in particular, are clouded by the Greece debt crisis. Together with a slump in international commodity prices and shrink in trade volume, the BRICS powers as a whole are facing the pressure of an economic downturn.

An issue of great significance at this summit was optimizing the integrated market of the five member countries and facilitating bilateral and multilateral cooperation in trade, e-commerce and intellectual property rights. In addition, small and medium-sized enterprises have also been given importance so that the BRICS countries will not only experience a vibrant growth in their own economy but also drive the regional economic recovery of their own continents.

By reaching consensus on issues like terrorism, cyber security, cultural exchanges and climate change, BRICS are showing a concerted resolution to safeguard the post-World War II order, fostering world peace and security, and upholding democratization of international relations. It is determined to fight for enhancing the position of emerging economies in global governance.

The summit continues to be a platform to boost bilateral relations between China and other BRICS countries. Economic and trade cooperation has huge potential and promising prospects. China is the largest trade partner of the other four. India and Brazil are two of China's biggest overseas markets for projects contracting while South Africa attracts the most investment from Chinese enterprises.

As for Russia, the construction of an economic development zone in the Baikal region in the Far East, privatization of state-owned companies, expansion of gas exports to China, and future projects to export natural gas to China, are all expected to be a golden goose for Chinese investment. Infrastructure upgrading programs, including the Trans-Siberian Railway, high-speed railways and expressways, will present opportunities for partnerships between Chinese and Russian business communities.

Rich in energy resources, Brazil is now the world's eighth largest economy by nominal GDP. Cooperation in the energy sector will generate lucrative revenues for it. To speed up economic growth, Brazil will invest $1.9 trillion in infrastructure by 2016. China can share its expertise and capital in this regard.

China and India have been accelerating cooperation in the manufacturing and service sectors and connectivity with the establishment of the Bangladesh-China-India-Myanmar Economic Corridor since 2013, and the Belt and Road Initiative (the Silk Road Economic Belt and the 21st-Century Maritime Silk Road Initiative).

Taking advantage of the 21st-Century Maritime Silk Road Initiative and supporting funds, South African and Chinese businesses are working together to grow the energy and finance sectors, maritime economy, and to establish special economic zones.

Before the summit, China had expected progress in establishing the NDB and CRA, as well as strengthening consensus on the Belt and Road Initiative and the AIIB. The summit proved to be fruitful in this regard. The leaders announced the official launch of the NDB with a seed capital of $50 billion. It signifies the BRICS financial cooperation initiative has taken off. The independent multilateral financial institution created by emerging powers and distinguished from Western-dominated ones, will bolster economic growth. Also, its capital pool will cushion member states against future economic shocks.

China and Russia have agreed to integrate the Silk Road Economic Belt into the Eurasian Economic Union to shore up partnerships in investment, finance, energy, infrastructure, aerospace and development of the Far East region. After the summit, Russian Direct Investment Fund (a $10-billion fund set up in 2011 for investment in high-growth sectors) and the SRF signed an investment agreement on infrastructure cooperation and arrangement of NDB shares.

BRICS and other emerging economies are seeking national stability and development. They are exploring a reform path suitable for their own realities. China participates in dialogue, communication and settlement disputes in BRICS and has proposed "inclusive development." In particular, it has been making great contributions to the NDB and CRA. All this goes to showcase China as a responsible power that is gaining increasing popularity among developing countries. Emerging economies regard China as a comprehensive strategic partner and hope to share its successful experiences.

The economic growth of emerging economies is driving a new round of changes and reforms in the international order. They are gaining voice in the world arena and their strengthened position is presenting them with more partnerships and other opportunities.