Deficit in peace, development and governance poses a daunting challenge to mankind, Chinese President Xi Jinping said Sunday.

He spoke of a world "fraught with challenges" in a keynote speech delivered at the opening ceremony of the Belt and Road Forum for International Cooperation.

Humankind has reached an age of great progress, great transformation and profound changes, Xi said.

Global growth requires new drivers, development needs to be more inclusive and balanced, and the gap between the rich and the poor needs to be narrowed, he noted.

He also pointed out that hotspots in some regions are causing instability and that terrorism is rampant. Endi

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