Speaking at the opening of the plenary session at the BRICS Summit in Xiamen, Xi called on the five nation grouping to forge unity to jointly advance solutions for international peace and development.
"We need to make the international order more just and equitable. Our ever closer ties require that we five countries play more active in global governance. Without our participation, many pressing global challenges cannot be effectively resolved," Xi told the gathering.
Prime Minister Narendra Modi, Brazilian President Michel Temer, South African President Jacob Zuma and Russian President Vladimir Putin participated in the meeting.
On the broader future role for BRICS, Xi said the bloc should speak in one voice and jointly present solutions to issues concerning international peace and development.
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"This meets the expectation of the international community and will help safeguard our common interests," he said.
"We should remain committed to multilateralism and basic norms governing international relations, work for new type of international relations and foster peace and stable environment of all countries," Xi said.
The quota reforms will increase the voting rights of emerging economies like India in the 188-member International Monetary Fund.