XASIAN INTEGRATION

Before elaborating on China's economy, Li gave time to calls for Asian countries to re-energize the region in face of new developments and new challenges.

Asian countries need to build a community of shared interests, common destiny and shared responsibilities, Li said.

"Economic integration is central to development in Asia," said the premier.

Asian countries need to work together in liberalizing trade and facilitating investment, as well as upgrading regional and sub-regional cooperation, he added.

China will work to advance negotiation on the Regional Comprehensive Economic Partnership (RCEP), and is taking an open position towards the Trans-Pacific Partnership (TPP), Li said.

Wang said RCEP will boost Asian integration by improving policy-making communication, infrastructure connectivity, trade, currency swaps and people-to-people exchanges in the region.

Li also highlighted the importance of a peaceful and stable regional environment, urging Asian countries to build consensus, make active efforts and jointly fulfill their due responsibilities.

Li underscored again China' s commitment to peaceful development and its resolution to defend its territorial sovereignty.

"We will give full support to initiatives that help strengthen maritime cooperation," Li said, "on the other hand, we will respond firmly to provocations that undermine peace and stability in the South China Sea."

The premier's speech made clear that China's development is based on cooperation with other Asian countries, which will in return benefit Asia' s overall development, said Zhao Qizheng, former minister of the State Council's information office

"The speech displays China's aspiration to realize Asia's common prosperity, and it also shows the country's willingness to shoulder its international responsibilities," Zhao said.

As an international non-governmental and non-profit organization founded in 2001, the BFA works to promote regional economic integration and bring Asian countries closer to their development goals.

The theme for this year's conference is "Asia's New Future: Identifying New Growth Drivers" .

Australian Prime Minister Tony Abbott said BFA now rivals Europe's Davos Forum held in Switzerland, and does so much to showcase the Asian-Pacific region.

"I'm pleased to be the fourth Australian Prime Minister to attend the forum, and will be a regular participant in the future," he said.

In addition to Abbott, political leaders attending this year's event included Prime Minister of the Republic of Korea Jung Hong-won, Prime Minister of Laos Thongsing Thammavong, Namibian Prime Minister Hage Geingob, Pakistani Prime Minister Muhammad Nawaz Sharif, Timor-Leste's Prime Minister Xanana Gusmao, Russian Deputy Prime Minister Arkady Dvorkovich and Vietnamese Deputy Prime Minister Vu Duc Dam.