Leaders from the five top emerging economies will gather in Sanya, in China's Hainan province, later this week to coordinate their stance on economic issues including fluctuations in commodity prices.

The "BRICS" summit, made up of Brazil, Russia, India, China and South Africa, will be hosted by Chinese President Hu Jintao.

Experts say that the Sanya summit would focus on key issues including the current foreign affairs, global economic and financial issues, development issues and future cooperation among BRICS members.

Chen Fengying, director of the World Economy Institute at China's Institute of Contemporary International Relations, says the BRICS nations are committed to cooperation, not confrontation with the developed countries.

"BRICS nations are all developing countries. Although they are quite different in culture and history, they're closely aligned economically. They have played an important role in tackling global financial crisis and climate change, and facilitating economic recovery."

The BRICS group has emerged as a united economic bloc in recent years.

According to research by the China Center for International Economic Exchanges, the combined output of BRICS nations will grow from 17 percent of global gross domestic product in 2010 to a whopping 47 percent in 2030.