Delegates from China, India and Brazil discussed reviving competitiveness of Asia and emerging markets in a session at the Boao forum Thursday. Former Chinese vice premier, Vice Chairman of the Boao Forum Zeng Peiyan delivered a speech in the session, calling on Asian nations to strengthen ties and join hands in developing regional common market.

"It's time that Asia woke up and realized the key to solving its problems lies in strengthening cooperation within itself," Zeng said.

According to Zeng, Asian economy is currently going through a period of transformation. To meet the opportunities ahead, countries in the region need market and competitive resources integration to push forward regional development.

"We need to enhance mutual trust and achieve the broadest strategic consensus possible to create a new miracle of development," he said.

Zeng also said that Asian countries must cherish and maintain their hard-won peaceful development, implement agreements and consensus already reached, and manage differences through friendly consultation.

In the face of weak domestic demands which can't be effectively stimulated in the short term, Zeng said Asian economies can find their way out by making concerted efforts in building a regional market, where resources and markets and be shared.

"Firstly, we need to step up negotiations on the Regional Comprehensive Economic Partnership and the China-Japan-South Korea Free Trade Agreement and develop a unified trading arrangement. Secondly, we need to build an infrastructure network to promote connection and coordination between the economies; thirdly, we need to introduce innovation to existing financial, monetary and currency cooperation and use multiple channels to support regional economic development and preserve regional financial stability," he said.