Leaders of the BRICS emerging market bloc have officially launched a BRICS New Development Bank and a Contingent Reserves Arrangement with a estimated total capital of 200 billion US dollars.
The leaders have reaffirmed their focus on strengthening partnership in a declaration released following their annual summit in the Russian city of Ufa.
They say the new bank shall serve as a powerful instrument for financing infrastructure investment and sustainable development projects in the BRICS and other developing countries.
The bank is expected to approve its inaugural investment projects in the beginning of 2016.
Addressing the summit, Chinese President Xi Jinping called for the BRICS countries to forge a community of destiny in a bid to strengthen the base of cooperation and achieve common prosperity.
The International Monetary Fund says there is no reason to lose confidence in the Chinese economy, despite recent volatility in the stock market.
IMF Chief Economist Olivier Blanchard calls the sharp decline in stocks "very much a sideshow" to the overall economy, adding there is really no reason to lose confidence in the real economy in China.
He also says adjustments in the real economy are rather "healthy" and desirable, with credit growth and the adjustment of real estate investment under control, and the government's intervention to slow the market's descent "might actually be appropriate."
The IMF is so far maintaining its prediction of 6.8 percent growth for the Chinese economy for 2015.