Chinese President Xi Jinping on Sunday stressed the importance of mutual trust and understanding in Asia in order to ensure regional stability and deepen cooperation.

He made the remarks when?addressing the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2013?which is held?in Boao, a coastal town in south China's Hainan Province.

"Stability in Asia now faces new challenges, as hotspot issues keep emerging, and both traditional and non-traditional security threats exist," Xi said.

The Asian countries need to increase mutual trust and work together to ensure durable peace and stability in the region, he urged.

In the meantime, Asia should build on past success and make new progress in promoting cooperation in Asia, the president said.

There are many mechanisms and initiatives for enhancing cooperation in Asia and a lot of ideas on boosting such cooperation are being explored by various parties, he noted.

Asia needs to "enhance mutual understanding, build consensus, and enrich and deepen cooperation so as to strike a balance among the interests of various parties and build mechanisms that bring benefits to all," Xi said.

(Xinhua contributed to the story)