China's growth is good for Asia: Chinese President

 China's rapid economic growth will create development opportunities for the rest of Asia and the world, President Xi Jinping said Sunday.

China will vigorously promote development and prosperity in both Asia and the world, Xi said at the opening ceremony of the Boao Forum for Asia (BFA) annual conference in Boao, a Chinese coastal town.

Xi, who became president in March, was quoted as saying by Xinhua: "The more China grows, the more development opportunities it will create for the rest of Asia and the world."

In the coming five years, the country's imports will reach about $10 trillion and its outbound investment will reach $500 billion, according to the president.

Its number of outbound tourists may exceed 400 million, he said.

Xi said China will continue to properly handle differences and frictions with relevant nations.

While upholding its sovereignty, security and territorial integrity, China will maintain good relations with its neighbours as well as maintain overall peace and stability in the region, he said.

"Countries, whether big or small, strong or weak, rich or poor, should all contribute their share in maintaining and enhancing peace," Xi said.

No one should be allowed to throw a region into chaos for selfish gains, he said.

Although growing interactions inevitably lead to friction, it is important that countries resolve their differences through dialogue in the larger interest of the sound growth of their relations, he said.

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

Xi's speech was in line with similar remarks he made when meeting foreign experts in December. At their meeting, Xi said China's progress will never be detrimental to other countries.

"China will never seek hegemony or expansionism," he said.

In his speech, Xi called for Asian countries to better cooperate and explore development paths suited to their national conditions.

Asia needs to "enhance mutual understanding, build a consensus and enrich cooperation so as to strike a balance among the interests of various parties," Xi said.

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.