BRICS is becoming a defining force shaping the new international political and economic order, not only because of the member countries' impressive growth rates in the past, but also because of their great potential in the decades to come. They have all formulated long-term development strategies that require a more just and fair international political and economic governance system. But they do not intend to establish a new system to replace the current one, one in which they all have a stake. What they are looking for is to coordinate efforts to make the emerging international system more balanced, equitable and sustainable.

The BRICS nations share a vision for inclusive growth and prosperity in the world, and serve as a bridge for South-North dialogue. Advocating a non-confrontational approach for dialogue and cooperation, BRICS's vision, if put into practice, will make it increasingly influential in many global issues, such as climate change, environmental protection, food security and energy security.

BRICS also constitutes a new model of global economic cooperation. It has a broad vision for international economic cooperation and interaction. It undertakes to work with the UN, G20 and other multilateral cooperative mechanisms by playing a constructive role in addressing the common challenges facing the world. The BRICS countries pledge to strengthen their coordination for common development and shared prosperity and to formulate a result-oriented action plan by expanding and deepening practical cooperation among themselves.

As a host, China has played an important role in making this possible. Chinese President Hu Jintao said at the summit and also at the ensuing Boao Forum, China will make great efforts to participate in global economic governance and push for the reform of the global economic and financial systems. China also undertakes to work with the other BRICS states and developing countries and the world at large to share development opportunities.

The Sanya BRICS summit was a milestone, which showed that for the first time in modern history, developing countries, and those five emerging economies in particular, are thinking big and doing big.

The author is a senior research fellow at China Institute of International Studies.