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In China, the big challenge is to sustain the signs of a shift to consumption-led growth, which is looking encouraging, he said.

However, O'Neill said no one should exaggerate the importance of the European and US problems as worsening the environment for BRICS countries.

Li Rongcan, assistant commerce minister, said trade exchanges among BRICS countries exceeded $320 billion in 2011, six times the amount of 10 years ago.

In 2011, China's trade value with the other four BRICS countries amounted to $280 billion, and has exceeded $250 billion in the first 10 months of this year. Meanwhile, China's overseas investment in the four countries reached $23 billion.

"The countries should continue widening their trade and investment exchanges, to seek a better position in the global value chain," Li said.

Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation, a think tank affiliated to the Commerce Ministry, said bilateral trade ties among the five countries need to be further strengthened.

BRICS countries are in similar stages of economic development, and their trade structures are more or less the same, thus they are competing with one another on exports to developed markets, Huo said.

Contact the writer at weitian@chinadaily.com.cn