Chinese Vice President Wang Qishan on Friday urged countries around the world to build trust and boost cooperation in order to tackle international challenges and cement the foundation for sustainable global growth.

Chinese Vice President Wang Qishan addresses the 22nd St. Petersburg International Economic Forum in St. Petersburg, Russia, May 25, 2018. [Photo/Xinhua]

He made the appeal in a speech at a plenary session of the 22nd St. Petersburg International Economic Forum (SPIEF), a three-day event in Russia's "northern capital" with the key theme of "Building a Trust Economy."

Pointing out that no single country can cope with today's challenges alone, Wang said building a trust economy that features equality, mutual trust, mutual benefit, inclusiveness and good faith between enterprises, markets and countries, is an effective way to unleash the potential of global growth.

Building trust needs mutual understanding and mutual respect, he said, adding that it also needs all parties to discover and solve their own problems and consolidate their self-confidence.

The Chinese vice president stressed that politicizing economic and trade issues and picking up the stick of economic sanctions at the slightest provocations will gravely impair market certainty.

No country should blame its own problems on others, and all countries should pursue development paths that suit their own realities and strive for common development through opening up and cooperation, Wang said.

He suggested that countries around the world join forces to chart the course forward with structural economic reforms and innovative development.

He also called for global unity in resisting trade protectionism and safeguarding the stable international economic order, particularly the authority of the multilateral trading regime.

Economic and trade disputes should be handled properly through communication and consultation, and different parties need to take care of each others' major concerns, Wang added.

China, he said, is forging ahead under the leadership of President Xi Jinping toward the Chinese Dream of national rejuvenation and will steadfastly stick to the opening-up policy of mutual benefit.

Other countries, he added, are welcome to take part in China's economic development, share its market opportunities, and participate in the Belt and Road Initiative, which has now become a new platform for international cooperation.

Hailing Russia as a constructive player in global economic governance, Wang said China highly appreciates the socioeconomic development achievements Russia has made under the leadership of President Vladimir Putin and firmly believes that Russia will realize its development goals for the next six years.

He added that with annual bilateral trade approaching 100 billion U.S. dollars, China stands ready to work with Russia to deepen their all-around cooperation, strengthen their comprehensive strategic partnership of coordination, and make new contribution to the building of a community with a shared future for mankind.

Launched in 1997, SPIEF has become one of the leading platforms for global brainstorming on key economic issues facing Russia and the world as a whole, and is now often referred to as Russia's Davos.

Besides Wang, this year's event was also attended by Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe and International Monetary Fund chief Christine Lagarde.