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At Monday's meeting, Xi also stressed efforts to expand the middle-income group, improve the income distribution mechanism and strengthen intellectual property protection.

Convened annually and ending on May 28, this year's meeting is the biggest to date, bringing together some 3,500 people.

"We have seen that before," he added, noting that the appreciation of the Japanese yen against the U.S. dollar in the mid-1980s was followed by the rise of Japanese investments into the United States.

He said the initiative is a historic opportunity for China and the Arab nations to boost common development and national rejuvenation, while urging the two sides to be each other's most reliable and long-lasting partners.

China expects improvements to global economic governance and international financial stability and to see revitalization of trade and investment through an open global economy.