Premier Li Keqiang has delivered a keynote speech at the opening ceremony of the 2016 annual conference of the Boao Forum for Asia, held in South China’s Hainan province.

The theme for this year’s conference is “Asia’s New Future: New Dynamics and New Vision.” Premier Li said, though the impacts from the 2008 financial crisis have not been eliminated, China and Asia can find economic dynamics to embrace a bright future of their own.

This year’s Boao forum is aimed at bringing renewed vitality to Asian economies, which have recently suffered from economic slowdowns and undergone structural reforms.

But as the Premier stressed in his speech, he believes that the Asian economy still has a bright future. And the key to success is regional cooperation.

“Asia is an important force for world peace and development. It is also an important engine for economic growth and an important contributor to the progress of the world’s civilization. Asian countries must have firm confidence and work together with solidarity. We will overcome temporary difficulties and embrace a bright future,” Premier Li said.

China’s economic outlook and supply-side reform is another important topic for this year’s forum.

China’s three decades of rapid growth were fueled by capital investment and exports, the demand side. Supply-side reform, on the other hand, aims to increase the supply of high-end products and services by stimulating business.

In his speech, Premier Li reiterated his confidence in China’s overall economic condition, and said the reform has begun paying dividends.

“Since the beginning of this year, the Chinese economy kicked off with a stable performance. There has also been positive and new changes. We have put in place a number of policies aimed at steady growth, restructuring and reform. These measures are taking effect,” the Premier said.

The economic downturn proves that traditional economic drivers are losing momentum, and both China and the region are seeking a new driver. Premier Li believes the word “innovation” is the answer to all questions.

“Today, if Asia wants to continue with the momentum of prosperity and development, the key still lies in our abundant human resources which can unleash potential and creativity. This is our strongest advantage. If there is innovation, there will be a new future for Asia,” Premier Li said.

The Boao Forum comes at a crucial time for China, which is looking for a direction change in its development while at the same time keeping its economy and society stable.

Thousands of leaders from the political, business, academic, media and other communities, including heads of state and government are attending the event this year, sharing ideas, enhancing understanding, and collectively writing the blueprint for the Asia Pacific region.