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Xi said China will work with Brazil to advance BRICS cooperation in the economy, politics, security and culture to usher in a second golden decade of BRICS cooperation.

Atul Dalakoti, executive director of the Federation of the Indian Chambers of Commerce & Industry, also hailed Xi's speech as "comprehensive, strategic and future-looking" and expressed his confidence in BRICS.

Chinese border troops have taken initial counter measures at the area and will step up targeted measures, according to the commentary.

First, treating each other as equals and seeking common ground while shelving differences. In terms of BRICS cooperation, decisions are made through consultation among us all, not by one country alone. We respect each other's path and model of development, accommodate each other's concerns and work to enhance strategic communication and political mutual trust. Given differences in national conditions, history and culture, it is only natural that we may have some differences in pursuing our cooperation. However, with strong faith in cooperation and commitment to enhancing trust, we can achieve steady progress in our cooperation.

The NDB was set up with an initial authorized capital of 100 billion U.S. dollars during the sixth BRICS Summit in Fortaleza, Brazil, in 2014. It officially opened in Shanghai in 2015.