ULAN BATOR, Aug. 20 (Xinhua) -- Mongolia is hosting the Boao Forum for Asia (BFA) Ulan Bator Conference from Monday to Wednesday in a bid to expand bilateral cooperation with China and advance common development in Asia and beyond.

This forum aims to help Chinese entrepreneurs better understand the business environment in Mongolia and implement the important consensus reached by the two countries to provide greater opportunities for bilateral and Asia-wide economic and trade cooperation.

Li Baodong, the secretary-general of the BFA, said the conference, jointly sponsored by the BFA and the Mongolian Ministry of Foreign Affairs on the occasion of the 70th anniversary of the establishment of diplomatic ties between China and Mongolia, was the first Boao Forum event ever held in Mongolia.

"At a time when surging unilateralism and protectionism are undermining international norms and order, and hampering global economic growth, the world needs multilateralism more than ever," Li said.

"As Asia is a region with the most dynamic economy in the world, multiple hotspot issues and an unbalanced development, cooperation between Asian countries for development is critical to world stability and prosperity," he stressed.

The secretary general expressed confidence that the BFA Ulan Bator Conference would help Mongolia translate its resource advantage into an economic development advantage as well as promote free trade and multilateral cooperation for common development and prosperity.

The BFA Ulan Bator Conference, themed "Concerted Action for Common Development in the New Era", has brought together more than 300 delegates from China, Mongolia and beyond.

"We are happy to organize the reputable conference. I have no doubt that thanks to the conference, relations and cooperation between Mongolia, China and other Asian countries will be deepened in a wide range of areas such as economy, trade, investment and infrastructure," said Mongolian Foreign Minister Damdin Tsogtbaatar.

Founded in 2001, the BFA is a non-governmental and non-profit international organization committed to promoting Asian countries' common development through further economic integration.