More efforts are needed to strengthen the cooperation among countries and regions, step up global action to build mutual understanding and further boost economic globalization, according to scholars and cultural notables from home and abroad.

"To promote economic globalization, we need to transcend cultural barriers, build mutual understanding with shared values and foster stronger economic ties with each other," said Chen Wenling, chief economist at the China Center for International Economic Exchanges.

Chen made the remark on Thursday at the fifth annual conference of the Taihu World Cultural Forum in Beijing. The forum concluded on Friday.

Chen said that after years of development, the Belt and Road Initiative has helped boost regional connectivity, promote economic links among countries and regions, reduce costs and increase productivity.

Nirj Deva, chairman of EU-China Friendship Group in the European Parliament, said the initiative is playing a significant role in fueling global economic growth.

According to Deva, it should be on the agenda for countries to work together to build a community with a shared future for mankind, especially when facing challenges of unprecedented proportions.

Thanks to the initiative, trade between China and markets participating in the Belt and Road Initiative hit $5.31 trillion yuan ($766 billion) in the first eight months this year, with 12 percent increase year-on-year, according to the General Administration of Customs.

Chinese businesses directly invested $9.58 billion in economies taking part in the initiative, up almost 12 percent year-on-year, according to the Ministry of Commerce.

"China is such a significant economic player, and the Belt and Road Initiative could be globally transformational," said Deborah Lehr, CEO and founding partner of the US-based strategic business consulting firm Basilinna, speaking in an earlier interview with China Daily.

Romano Prodi, former prime minister of Italy and honorary chairman of the forum, said economic globalization has been successful in helping to alleviate poverty and boosting global cooperation and economic growth. He called for further global cooperation and positive steps to build mutual trust and understanding among countries, which will help in getting a better grip on current challenges.