Chinese President Xi Jinping on Wednesday met with incumbent and incoming members of the Board of Directors of the Boao Forum for Asia (BFA), who gathered in Hainan for the BFA annual conference.

Xi hailed the important role played by BFA in building consensus, encouraging cooperation and building a community with a shared future in Asia since the BFA's inception 17 years ago.

Established after the 1997 Asian financial crisis, the BFA reflects the consensus of Asian countries to make joint efforts to cope with challenges, and accords with the need for integrated development of the regional economy, Xi told the members.

Attendees at the conference recognized the necessity of following the trend of our times and promoting reform and innovation as the world undergoes a new round of development and profound readjustment, according to the president.

In the face of challenges posed by a lack of impetus in economic growth and trade protectionism, attendees believe the principles of opening up, inclusiveness and win-win cooperation should be upheld, and concerted efforts should be made to create a better future for both Asia and the world.

Politicians of all countries should make plans for their future generations and the long-term development, Xi said.

The BFA conference runs from April 8 to 11 in Boao, a town in south China's island province of Hainan, and is themed "An Open and Innovative Asia for a World of Greater Prosperity."