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He also said the current global economic situation is very complicated, noting the debt crisis in Europe is not over yet, which along with the quantitative easing policy has created an unfavorable external environment for the BRICS nations.

New BRICS chairperson and South African President Jacob Zuma told a media briefing early Wednesday afternoon that following a report from the finance ministers, the leaders were satisfied that the establishment of the bank was feasible and viable.

"We should also improve and strengthen the military-to-military relationship between the two countries and promote the building of the new model of military relationship between the two sides," he said.

"China and Africa share a common destiny and bilateral cooperation has huge potential for growth," Xi said while meeting visiting Sierra Leone President Ernest Bai Koroma.

Wednesday marks the end of the three-day May Day holiday.