Chinese President Xi Jinping today said that China stands ready to sign treaties of friendship and cooperation with all its neighbours to provide strong support for the development of bilateral relations as well as prosperity and stability in the region.

Treaties of friendship have been signed with eight neighbouring countries and Beijing is holding discussions with ASEAN (Association of South East Asian Nations), Xi said addressing the China sponsored Boao Forum for Asia annual conference held in the country's southern island of Hainan.

"China stands ready to sign such a treaty with all its neighbours and to provide strong support for the bilateral relations as well as prosperity and stability in the region," he said.

Referring to an old Chinese proverb 'Close neighbours are better than distant relatives', Xi said that China is working actively to develop win-win cooperation with neighbours.

About 15 world leaders, including Nepalese President Ram Baran Yadav and Sri Lankan President Maithripala Sirisena attended the meeting.

Microsoft founder Bill Gates, Chairman Emeritus of TATA group Ratan Tata along with 1,800 officials and business leaders from abroad attended the meeting.

Besides stressing close ties with neighbours, Xi also said that a vision and action paper of China-proposed multibillion dollar 'Belt and Road' initiative has been developed thanks to the concerted efforts of relevant parties.

The Belt and Road initiative refers to revival of ancient Silk Road and 21st Century Maritime Silk Road (MSR) connecting China with Europe and Africa through different routes.

India has been invited to take part in the Bangladesh, China, India, Myanmar (BCIM) as well as the MSR projects.

While India is taking part in the discussions on BCIM, it is yet to announce its stand on the MSR due to reservations over Chinese dominance in Indian Ocean.

Xi said that substantive progress has been made in the establishment of the Asian Infrastructure Investment Bank which has been joined by India and 30 other countries.

More countries were expected to join before the closing date of applications on March 31.