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He called on the foreign ministers to have "candid exchanges" on historical issue to improve bilateral relations between relevant countries.

Also in response to concerns of hot money, Yi Gang, vice governor of the PBOC, said capital flows are a result of multiple factors including trade, investment and people traveling across the border.

At this year's forum, the discussion centred around various aspects of European, Asian and U.S. relations, including economic and security issues, as well as inter-regional competition between Asian powers.

Japan's Cabinet on Wednesday approved 4.98 trillion yen (about 42.46 billion U.S. dollars) of defense budget for the 2015 fiscal year, which starts in April, the country's largest ever and a 2 percent increase year on year.

Xinjiang, located in the center of Asia and a traditional gateway of the Silk Road, has become a key player for China's exchanges with Europe. The region has pinned much hope on the Belt and Road initiatives.