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BEIJING, Oct. 9 (Xinhua) -- The establishment of diplomatic ties between China and the Solomon Islands on the basis of the one-China principle conforms to the trend of the times and benefits the two peoples, Chinese President Xi Jinping said Wednesday.

"We are meeting at a time when crucial developments are taking place in the world economy and international landscape," Xi told the recent summit of BRICS, an emerging-market bloc that groups Brazil, Russia, India, China and South Africa.

The two sides will issue a joint statement on strengthening the comprehensive strategic partnership, draw up a blueprint for the development of bilateral ties, sign intergovernmental cooperation documents on investment and education, and ink commercial agreements in such fields as ports, finance, and energy.

Despite great achievements, China will continue to adhere to the traditional concept of "harmony in diversity," stick to the path of peaceful development, and strive for mutually beneficial cooperation with other countries, Xi told the foreign delegates.

Establishing a high-standard market system and new institutions for an open economy of higher standards is the direction made clear by the document on the country's reform and opening up, according to Liu.