Vice Premier Ding Xuexiang on Thursday said China's economy is remaking itself with the growing capacity to drive growth through innovation.

Speaking to dignitaries and business leaders from around the world at the Boao Forum for Asia being held in Hainan, he said this ability has helped the nation tide over economic difficulties and lifted its medium-to-long-term growth prospects and potential.

“China’s firm commitment to an innovation-driven development strategy has led to… a boost in our innovation capacity and a successful transition from old to new growth drivers,” Ding said.

“Today, the pursuit of high quality development has become a nationwide consensus and the drive to develop new quality productive forces and spur innovation has become a widespread trend.”

He pointed out that China ranks among the world's fastest growing major economies, and accounts for about 30 percent of global growth.

Ding also said the nation’s economy has a stronger outlook and that despite a surge of difficulties and challenges, the economy hit its target of five percent last year.

Separately, the vice premier and Politburo Standing Committee member called on Asian leaders attending the forum to safeguard stability in the region.

He said Asia has a stabilising role and that this must be "dearly cherished".

“Even as we speak, changes of the world, of our times, and of historic significance are unfolding in unprecedented ways. Our world is experiencing far greater instability and uncertainty,” he said.

“We should... act as builders and guardians of regional peace and make sure Asia continues to be a land of peace and stability.”

Solidarity and cooperation must be strengthened to build an Asian community with a shared future, Ding added.