Financial and political heavyweights from more than 50 countries have gathered in Hainan at the start of this year's Boao Forum, the annual conference that has been described as Asia's version of the World Economic Forum in Davos.

In his opening address on Tuesday, Vice-Minister of Foreign Affairs, Li Baodong, spoke about the importance of solidarity.

"If we take a look at what's happening around the world, we can see turbulence, financial crisis, energy crisis, inflation and war. There are a lot of uncertainties hindering our road to recovery. That's why we have to discuss in this forum how to find certainties amid uncertainties through cooperation," he said.

Li said the four-day forum, under the theme "An Uncertain World: Solidarity and Cooperation for Development amid Challenges", will explore how China and the region can navigate challenges amid external headwinds.

A flagship report announced on the same day said Asia is expected to record a GDP growth of 4.5 percent this year, up from 4.2 percent from the year before, and that Asian growth is likely to be a "standout" this year amid the global economic slowdown.

It also said the mainland and India would contribute half of the world's growth this year, citing data from the International Monetary Fund.

The Foreign Ministry earlier said Premier Li Qiang will attend the forum and deliver a speech during the official opening ceremony on Thursday.

The forum will be attended by Singapore's Prime Minister Lee Hsien Loong, Malaysia's Prime Minister Anwar Ibrahim, Spain's Prime Minister Pedro Sanchez, Prime Minister of Cote d'Ivoire Patrick Achi and International Monetary Fund head Kristalina Georgieva.

Meanwhile, Chief Executive John Lee told reporters on Tuesday that he will attend the Hainan forum in person, during which he will promote the SAR's business opportunities.