From March 28 to 29, 2012, the Fourth BRICS Summit was held in New Delhi, capital of India. Chinese President Hu Jintao attended the summit.

The summit was held in the context that the international situation continues to undergo profound and complicated changes, the world economic recovery is faced with uncertainties, and the status and role of emerging markets and developing countries in international affairs continues to rise. The leaders of the BRICS countries exchanged views on global governance, sustainable development, BRICS cooperation and international and regional issues of common concern, reached important consensus and issued the Delhi Declaration and the Plan of Action. This summit has once again demonstrated the spirit of partnership among the BRICS countries, released a positive signal of solidarity and win-win cooperation among the BRICS countries, and significantly advanced the course of BRICS cooperation. The summit was crowned with a success.

First, the summit reached a consensus on promoting global economic governance. The BRICS countries reaffirmed their support to the G20 in playing an active role in strengthening the coordination on international macroeconomic policies and promoting world economic recovery and growth. The BRICS countries called for reforming the international monetary and financial systems, increasing the say and representation of emerging markets and developing countries and especially speeding up the reform of IMF quota and governance structure so as to develop a good institutional framework for world economic development. This has reflected the efforts made by the BRICS countries to pass on the confidence in the stability and recovery of the world economy and inject a driving force into global economic governance.

Second, the summit achieved important results in the push to tackle global development issues. The BRICS countries pledged to urge the international community to implement the UN Millennium Development Goals, push for the early realization of the development round goals in the Doha Round negotiations, help developing countries eradicate poverty, maintain energy and food security, and support the BRICS countries to well run the United Nations Conference on Sustainable Development and Convention on Biological Diversity this year. The parties also discussed the possibility of establishing a new development bank to raise funds for infrastructure improvement and sustainable development projects in the BRICS countries and other developing countries. The financial ministers of member states are required to study the feasibility of establishing such a development bank and set up a joint working group to conduct further study. This is an important attempt by the BRICS countries to seek benefits for developing countries and contribute to the cause of global development.

Third, the summit made new progress in deepening the pragmatic cooperation among the BRICS countries in various fields. The summit decided, on the basis of the work that has been done, to form 17 plans of actions, covering a wide range of areas including finance, economy, trade, agriculture, science & technology and health and strive to bring tangible benefits to the people of all countries. Such cooperation conforms to the common interests of the member states. It will strengthen the economic, social and public opinion basis for the BRICS cooperation and form a strong support to the BRICS cooperation.

Fourth, the summit reached important consensus on major international and regional issues of common concern. The BRICS countries advocated addressing the various challenges facing the world today according to the norms of international laws and multilateralism. The BRICS countries called for the peaceful settlement of the crisis and considered that international hotspot issues should be settled based on relevant UN Security Council resolutions by means of politics, diplomacy and dialogue. The BRICS countries advocated giving full play to the central role of the United Nations in combating terrorism. This shows that the BRICS countries have played a constructive role in promoting democracy in international relations and safeguarding world peace and stability.

This summit clearly stated that the BRICS countries will deepen the partnership of common development on the basis of openness, unity, mutual understanding and mutual trust. This is the important principles guiding the next-step cooperation among the BRICS countries.

This summit once again shows that the BRICS cooperation conforms to the trend of peace, development and cooperation and is conductive to establishing a world with more balanced economy, more rational international relations, more effective global governance and more lasting peace. The Chinese side believes that the BRICS cooperation will continue to develop toward a higher level and will play a constructive role in driving global economic growth, improving global economic governance, and strengthening multilateralism and democratization of international relations. China has every confidence in the development of the BRICS countries and the BRICS cooperation.

President Hu Jintao delivered an important speech entitled "Strengthening Mutually Beneficial Cooperation and Joining Hands to Create a Better Future". He stressed that the BRICS countries is an important part of the big family of emerging markets and developing countries and a positive force safeguarding world peace and promoting common development. He put forward a four-point proposal on the future BRICS cooperation: to adhere to common development and promote common prosperity; to adhere to equal consultation and deepen political mutual trust; to adhere to pragmatic cooperation and consolidate the foundation for cooperation; to adhere to international cooperation and promote world development. In a small-scale meeting, President Hu introduced China's positions and propositions on global governance, sustainable development, energy and food security, the situation in West Asia and North Africa and other related topics.

The initiatives on strengthening the financial and fiscal cooperation among BRICS countries raised by President Hu at the last BRICS summit in Cannes were positively supported by the participating leaders. The summit made important progress in the implementation of the above consensus. The member states pledged to continue to strengthen cooperation in the international economic and financial field, discussed the possibility of establishing a new development bank, and published the joint economic research report and the statistical publication of the BRICS countries. The member states signed the BRICS financial cooperation agreement, held three sideline events including the economic and trade ministers' meeting, the financial forum, and the business forum and decided to strengthen financial cooperation, including the holding of a meeting of financial ministers and central bank governors and, if necessary, the separate meeting of the fiscal and financial departments.

Before the summit, President Hu Jintao had a bilateral meeting with South African President Jacob Zuma during the Seoul Nuclear Security Summit. During the BRICS summit, President Hu met respectively with Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Brazilian President Dilma Rousseff and exchanged views on bilateral relations and international and regional issues of common concern.