Chinese President Hu Jintao on Thursday urged closer cooperation among the BRIC nations (Brazil, Russia, India and China), saying that China is ready to host the third BRIC summit to maintain and advance dialogue and cooperation.

Chinese President Hu Jintao attends the second summit meeting of BRIC (Brazil, Russia, India and China) leaders in Brasilia, capital of Brazil, April 15, 2010. [Ju Peng/Xinhua]

"BRIC cooperation now faces both valuable opportunities and severe challenges. We should set clear objectives for cooperation among the four countries and advance the BRIC cooperation process from a strategic height," said Hu in a speech to the second-ever BRIC summit in Brasilia.

The world's leading emerging powers gathered last June in Russia's Yekaterinburg for the first BRIC summit.

He said BRIC nations should "base our cooperation on political mutual trust, and treat each other with sincerity, mutual respect, mutual understanding and mutual support."

"We should focus on practical cooperation and make our cooperation more dynamic through concrete actions. We should strengthen institutional building to support increased cooperation in broader areas. We should aim for mutual benefit by combining our respective strengths and sharing the fruits of cooperation to the fullest extent."

He also said BRIC nations should "view openness and transparency as the prerequisite of our cooperation and strengthen communication and exchanges to make our cooperation an open process."

The Chinese president said the international situation is now "very complex," and that the global pattern is undergoing "profound readjustment."

"No matter how the international situation may evolve and what changes the international system may experience, we should remain firmly committed to the goal of mutual benefit, the principle of democracy and equity, the approach of mutual respect and the spirit of solidarity and cooperation."

Hu called for all parties to "firm up the foundation of the world economic recovery and strengthen macroeconomic policy coordination."

"The international community coordinated the 'entry' strategy in response to the financial crisis, and we must also act in coordination with respect to the 'exit' strategy and maintain the continuity and stability of macroeconomic policies," he said.

He also called for all parties to address "imbalances in the global economic governance structure."