BRICS Bank Could Become Future World Bank: Goldman Sachs

"It is transforming everything in the world economy, including the patterns of world trade and finance," he said.

O'Neill continues to put his confidence in emerging markets, remains bullish on China, and believes the country's slowing growth will pick up in 2013.

"The importance and scale of China for the world, never mind within the BRICS group, is next to none and vital for us all," he said.

As a result, he said, the decisions China makes both in its own right and within a BRICS context are extremely important.

"This decade, China will grow by around 7.5 per cent (annually) and I am happy with that," O'Neill said.

He is also a bit surprised by the weakness of the retail sales numbers reported this year, which suggests that China needs to boost consumption, which might need more policy support.

Assuming the Chinese government does pull that off, O'Neill said it would mean China will succeed in doubling both real GDP and real incomes this decade as planned, and this would be good for the world.

Other BRICS countries, O'Neill said, need to concentrate on their own priorities rather than worry about China, as they also have things to achieve.

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