The concept of building a community of shared future for mankind is the way forward for the world to tackle complex challenges through joint dialogues and construction, mutual respect and benefits, experts said ahead of the Boao Forum for Asia, or BFA, annual conference.

"The idea to work for'a community of shared future for mankind'...through the Global Security, Development and Civilization initiatives is a way forward to address the challenges faced by the world today," said Zafar Uddin Mahmood, policy adviser to BFA's secretary-general.

BFA 2024, scheduled for March 26 to 29 in Boao, China's island province of Hainan, bears the theme "Asia and the World: Common Challenges, Shared Responsibilities". The conference's themed modules this year include discussions on global security, the world economy, sci-tech innovation, social development and international cooperation.

The former special envoy for the China-Pakistan Economic Corridor noted that today's challenges, including conflicts and wars, climate change and poverty among others, could be addressed through a comprehensive exchange of views by experts from Asia and beyond.

Atul Dalakoti, executive director of the Federation of Indian Chambers of Commerce and Industry said: "I personally feel that in the world, there are still 4 to 5 billion people who need to have much better jobs, much better life, much better economic fundamentals … The only way to grow is to have peace."

"The idea of common development which has been put forward by President Xi Jinping is the way forward," he said.

Dalakoti added that India's Prime Minister Narendra Modi is committed to the idea of common development, and that "we have been working really closely with Ukraine and with Russia to see if there's a possible chance of getting peace".

Carl Fey, professor of strategy at BI Norwegian Business School and a visiting scholar at Boao Forum, also cited the challenge of current conflicts, most notably those in Gaza and Ukraine.

"There are a lot of possibilities for greater collaboration, and that's really badly needed," he said.

Auvo Kaikkonen, minister counselor and head of regional representation to China and Mongolia at the European Investment Bank, said climate change is one of the most pressing challenges that Asia and the world face.

"Rising global temperatures, extreme weather events and environmental degradation threaten ecosystems, biodiversity and human livelihoods," he said.

"We as a global community must have a collaborative approach to cope with these by applying international cooperation focusing on shared responsibility and solidarity. Promoting inclusive economic growth, social equity and environmental stewardship ensures sustainable development."

Fey also said, "The innovations that China comes up with can be helpful in the US and in Europe and vice versa. So it's important that we all specialize in what we're best at doing and collaborate to share ideas of how we can move forward."

Headquartered in China, BFA is an international organization jointly initiated by 29 member states. A number of state leaders and top officials are to attend this year's session.