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"BRICS countries like China and India are important players in the international financial institutions, but they are not being able to get the right amount of weightage that they deserve," said Sidhu.

The event has attracted more than 2,500 delegates including Heads of State, government leaders, executives from multinational companies that operate in Africa, leaders of civil society organizations, Africa's development partners, members of the academia, successful young entrepreneurs, artists and youth opinion leaders from across the continent.

While the English acronym is itself catchy, the Chinese translation -- four characters meaning "gold bricks countries" -- conveys confidence in the future.

Xi will chair the Dialogue of Emerging Markets and Developing Countries on Sept. 5, which will be attended by the leaders from the five BRICS countries, as well as the leaders of Egypt, Mexico, Tajikistan, Guinea and Thailand.

HAMBURG, Germany, July 8 (Xinhua) -- Chinese President Xi Jinping's attendance of the Group of 20 (G20) summit in Hamburg on July 7-8 contributed to maintaining and advancing the group's cooperation, Chinese Foreign Minister Wang Yi said here on Saturday.