China will continue to deepen reform and expand opening-up to foreign investment, which will provide more opportunities for developing the global economy, a senior official told business leaders and politicians on Wednesday.

"China cannot develop in isolation from the world, nor can the world develop without China," Vice-President Wang Qishan said during a keynote speech via video link at the Bloomberg New Economy Forum. Wang stressed that the country will not waver in its resolve to deepen reform and expand opening-up.

"Going forward, China will keep its arms wide open, provide more market investment and growth opportunities to the world," he said.

The forum is being held in Singapore through Friday. This year, the forum's discussions are built around the themes of "rebuilding the global economy, innovating out of crisis and navigating a divided world".

At the opening ceremony, Wang called for all parties to work together to build a noble global economy, promote trade, investment liberalization and facilitation, and to refrain from imposing discriminatory and exclusive rules.

Wang urged countries to join hands and solve problems of uneven and insufficient economic development amid the COVID-19 pandemic.

The vice-president stressed the need to improve the global governance system, adhere to "true multilateralism", and support the inclusive development of the multilateral trading system.

He also encouraged all parties to promote the governance reform of the International Monetary Fund and create an open, fair and just development environment of digital economy.

Before the opening of the forum, Michael Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies, told the media that the global economic challenges exacerbated by the pandemic bring a special level of urgency to this year's forum.

To seize development opportunities, countries need to work together to accelerate recovery "in ways that build a stronger, healthier and sustainable economy", said Bloomberg, who is also former mayor of New York City.

Henry Kissinger, former US Secretary of State and the honorary chair of the forum, said on Wednesday that the virtual summit between the Chinese and US leaders on Tuesday marked a good beginning for the world's biggest economies to avoid conflict.

Last month, Kissinger told a summit in Shanghai that despite the conflicts, competition and differences among nations, issues like public health and climate change underscore global common interests.

Other speakers also expressed views that the world should join hands to fight the coronavirus and promote a low carbon transition of the global economy.