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Chinese Premier Li Keqiang said at a symposium last week that China would maintain the stability of its macroeconomic policy, and continue reform and opening up in 2018.

"It is not just about connectivity of roads or seas but connectivity of economies which can improve the lives of people of the whole region," said Hossain, the former dean of Bangladesh's Chittagong University.

11. In order to serve the demand arising from rapid growth of trade and investment among the BRICS countries, we agree to facilitate financial market integration through promoting the network of financial institutions and the coverage of financial services within BRICS countries, subject to each country's existing regulatory framework and WTO obligations, and to ensure greater communication and cooperation between financial sector regulators. We agree to take an active part in the efforts to implement and improve International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation in FATF, including through cooperation among BRICS Heads of Delegation on AML/CFT, also in the context of the work of BRICS CTWG and by using other platforms and to safeguard integrity of national financial systems. We agree to communicate closely to enhance currency cooperation, consistent with each central bank's legal mandate, including through currency swap, local currency settlement, and local currency direct investment, where appropriate, and to explore more modalities of currency cooperation. We encourage the BRICS Interbank Cooperation Mechanism to continue playing an important role in supporting BRICS economic and trade cooperation. We commend the progress in concluding the Memoranda of Understanding among national development banks of BRICS countries on interbank local currency credit line and on interbank cooperation in relation to credit rating.

Innovation has been powering the growth. China ranked 22nd in the Global Innovation Index in 2017, becoming the only middle income country to make the top 25.

For the first eight months of the year, CPI climbed 1.5 percent from one year earlier.