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The significance of the event, which takes the theme "boosting cooperation and realizing win-win development," is especially timely given the rise of protectionism and anti-globalization.

The decision was announced during the State Council's executive meeting on Wednesday chaired by Premier Li Keqiang. Li said that a more dynamic market is the cornerstone for development.

"BRICS needs to make full use of its existing mechanism such as foreign ministers' meeting to enhance coordination on international and regional issues and further implement BRICS economic partners' strategy and deepen cooperation on trade, investment and finance," it said. "The five countries need also enhance cultural and people-to-people exchanges through holding culture festivals, film festivals, sports games and high-level meetings on traditional medicine to consolidate the foundation of public support."

Xi stressed coordinated efforts to reduce poverty and strengthen ethnic unity, demanding targeted measures to lift more people out of poverty.

It also tightened regulations by asking those who want to buy large amounts of foreign currency to specify their purpose and provide additional information.