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In terms of finance, the bank plays a critical role in generating new sources of funding for projects in infrastructure and sustainable development, "not only in BRICS countries, but other countries as well," Sidhu noted.

How should we get through this stage? Growth rate alone is not the answer. Instead, we should, on the basis of our current conditions and bearing in mind the long-term goal, advance structural reform and explore new growth drivers and development paths. We should seize the opportunity presented by the new industrial revolution to promote growth and change growth model through innovation. We should pursue innovation-driven development created by smart manufacturing, the "Internet Plus" model, digital economy and sharing economy, stay ahead of the curve and move faster to replace old growth drivers with new ones. We should eliminate impediments to economic development through reform, remove systemic and institutional barriers, and energize the market and the society, so as to achieve better quality, more resilient and sustainable growth.

Q2. There is a view that China and Russia have far stronger political relations than economic relations. In your view, what can be done to boost economic ties between the two countries and what are the priority areas and projects?

Xi will hold a press conference after the dialogue to summarize the outcomes of the BRICS Xiamen Summit.

"Guo's fabrication and vicious words have greatly impacted the my reputation, as well as that of the company, executives and employers, and I express my strong outrage at this," said Yao.