SHANGHAI - China's experience in economic development embodies unique wisdom and the world is looking forward to learning from it during the upcoming G20 Summit in Hangzhou, Saudi Prince Turki bin Abdullah bin Abdulaziz Al-Saud told Xinhua here Thursday.

He made the remarks during an exclusive interview with Xinhua on the sidelines of the 13th annual conference of the International Financial Forum held in Shanghai, China's largest city.

Hailing China's well-respected role in economic development, the prince said the whole world is expecting that the summit could come up with solutions for the global economic stagnation.

As for the organization of the G20, the prince called for better understanding between developed and developing countries.

"Developing countries and developed countries need more understanding (of each other). The new world order should be shifting to the East as everyone knows right now economically, and also the developing world should really participate in that (process)," said the prince.

While applauding China's Belt and Road Initiative for extending beyond Asia to countries in Europe and Africa, the prince suggested that with new economic and communication tools available, more comprehensive cooperation could be explored within the framework.

The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was brought up by China in 2013. The initiative envisions a trade and infrastructure network that connects Asia with Europe and Africa along the ancient Silk Road routes.

Over 70 countries and organizations, including some countries around the Gulf, have voiced support for and willingness to join the initiative.

The Gulf Cooperation Council countries have benefited a lot from the cooperation between the East and the West, said the prince. "We'd love to expand it even more. It's a plus for everybody."

The International Financial Forum is dedicated to advancing the dialogue on economic globalization and financial cooperation.