The Belt and Road Initiative satisfies the region's common need for development through regional cooperation, the vice-president added.

China has worked in cooperation with other countries to advance the initiative, which Long said is necessary to turn the proposal from a vision to a reality. He added that some achievements within the initiative's parameters have already been made.

Regional cooperation is possible because of openness — all participants and nations outside the initiative's scope will benefit from the ambitious plan, Long noted.

It will create more opportunities to the dynamic region by expanding markets and establishing a development-oriented growth mode, Long said. It will also boost the sluggish global economy, he added.

Increasingly close ties among countries in the region have also helped to reduce political, legal, financial and cultural risks, he said.

"The Belt and Road Initiative is not just concerned with economics, but is multifaceted and has a grand ambition," Cheng said.

"Policy communication, infrastructure connection, access to trade, the circulation of currencies, and people-to-people understanding are all covered in the initiative."

Founded by the Development Research Center last year, the annual forum aims to create a better understanding of the Belt and Road Initiative, encourages exchanges and seeks solutions to challenges faced by the region.

The debut session took place in Istanbul, Turkey, in December 2014 and attracted more than 200 participants from countries in the region.