The global economy has entered a period of profound readjustment and its recovery remains elusive. The international financial sector is fraught with risk and protectionism is on the rise, Xi warned.

While emerging as an important engine driving world economic recovery and growth, the continent needs to transform and upgrade its development model, adjust its economic structure, make development more cost-effective and make life better for its people, he said.

Sustaining development is still of paramount importance to Asia, because development is the key to solving the major problems and difficulties it faces, he said.

"Achieving common development for all countries remains an uphill battle," he said.

China will increase connectivity with its neighbors through various means, including building a regional financing platform and advancing economic integration within Asia, he said.

The president also pledged that China will promote trade and investment liberalization and facilitation, step up bilateral investment and explore new areas of cooperation with other countries.

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

The largest forum to be held in the event's history, the 2013 forum is being held under the theme of "Asia Seeking Development for All: Restructuring, Responsibility and Cooperation," attracting more than 2,500 people from around the globe.

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