The Belt and Road Initiative has injected fresh vitality to Asia's economic cooperation and helped the continent to reshape its international relations, according to a report released Sunday at the Boao Forum for Asia 2018 annual conference.

The Belt and Road Initiative has provided "a new channel" for the world to confront the challenges of anti-globalization, as it can be used to tackle the problems arising from globalization and facilitate the sharing of development experiences, said the The Asian Competitiveness Annual Report 2018.

"The Belt and Road Initiative is closely related to economic globalization and will enhance the competitiveness of Asia. That's why the initiative should be given priority and actively promoted among the Asian economies," said the report.

The report also illustrates the initiative's compatibility with the region's other development plans, such as the Master Plan on ASEAN Connectivity adopted at the 17th ASEAN Summit in 2010.

It said the Initiative has provided basic support for China and ASEAN countries to consolidate their relationship.

In Central and West Asia, the Initiative also helps regional countries to improve production and living facilities as well as facilitate economic and cultural exchanges.

China-Pakistan Economic Corridor, a flagship project under the Belt and Road Initiative, has not only improved local infrastructure but also is extending toward Afghanistan, reducing poverty, the hotbed of terrorism, and bringing better prospects for local people's lives.

The report said the Initiative, "an epitome" of the Asian culture featuring win-win cooperation, is also a fruit of the mankind in their exploring new type of international relations and accords with the norms advocated by the United Nations Charter for modern international relations.

Following the principles of joint consultation, joint construction and sharing, the Initiative has given full play to the decisive role of the market.

The Boao Forum for Asia 2018 annual conference runs from April 8 to 11, where Globalization and the Belt and Road Initiative is one of the key topics for discussion.

The Belt and Road Initiative, proposed by China in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road trade routes to seek common development and prosperity.

According to China's Ministry of Commerce, Chinese enterprises have made US$14.36 billion of non-financial direct investment in 59 countries along the Belt and Road in 2017.