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Back in 2012, facing the plunge in commodity prices and a sluggish global recovery, BRICS economies generally experienced slowing growth rates, and some even saw negative growth. However, combined domestic and international pressure inspired a strong will among the five emerging countries to strengthen their cooperation.

BRICS leaders said that the IMF quotas fail to reflect current global economic realities, urging G20 members to step up efforts with the IMF to increase quota resources and review the distribution of quotas and votes to ensure a fair reflection of emerging and developing economies.

Through its Seeds for Future program, Huawei Tanzania has put up plans to ensure that at least 100 students from Tanzania participate in the 10-year project, in which they are given an opportunity to visit Chinese capital Beijing and work in the company's headquarters in Shenzhen.

"We are confident to achieve the target of 5-billion-U.S.-dollar bilateral trade volume by 2017," the ambassador said.

In developing its insurance market, China needs to draw upon the advanced experience of foreign countries and get foreign companies involved in this process, so that this market will be one of bigger vitality and consumers will have more options and choices. I want to tell you that in the most recent revised offer that China put to the BIT negotiations, further commitments on insurance sector opening-up were made, and I believe there is great potential for China-U.S. cooperation in this respect.