President Xi Jinping delivers a keynote speech at the opening ceremony of the Belt and Road Forum for International Cooperation in the National Convention Center in Beijing on May 14, 2017. [Photo/chinanews.com]

BEIJING - President Xi Jinping on Sunday delivered a keynote speech at the opening ceremony of the two-day Belt and Road Forum for International Cooperation.

Named after the historic Silk Road, the Belt and Road Initiative was proposed by Xi in 2013 to chart out new territories for international cooperation.

Below are some highlights of the President's remarks.

Belt and Road should be road of opening up

President Xi Jinping said the Belt and Road Initiative should be an open one that will achieve both economic growth and balanced development.

"We should build an open platform of cooperation and uphold and grow an open world economy," Xi said while delivering a keynote speech at the opening of the two-day Belt and Road Forum for International Cooperation in Beijing.

He compared a country's opening up to the "struggle of a chrysalis breaking free from its cocoon", which has short-term pains but creates a new life.

"We should jointly create an environment that will facilitate opening up and development, establish a fair, equitable and transparent system of international trade and investment rules and boost the orderly flow of production factors, efficient resources allocation and full market integration," he said.

China welcomes efforts made by other countries to grow open economies, participate in global governance and provide public goods, he said.

"Together we can build a broad community of shared interests," he said.

President Xi Jinping said the Belt and Road Initiative focuses on the Asian, European and African countries, but is also open to all other countries.

Xi said in pursuing the Belt and Road Initiative, China has no intention to form a small group detrimental to stability.

"What we hope to create is a big family of harmonious co-existence," Xi said.

Pursuit of the initiative will not resort to outdated geopolitical maneuvering, he said. "What we hope to achieve is a new model of win-win cooperation."

Xi also called for upholding the multilateral trading regime, advancing free trade areas and promoting liberalization and facilitation of trade and investment.