Russian President Vladimir Putin has called on heads of state to abandon "belligerent rhetoric" to solve various geopolitical crises. The Russian leader flagged terrorism and regional conflicts as the main hindrances to global development.

Delivering an address in Beijing at the One Belt, One Road summit – a trade initiative by China which aims to bring together dozens of states - Putin stressed the need for new approaches to problems as the old ones are not working.

"In order to untie these knots, we should first of all abandon belligerent rhetoric, mutual accusations and reproaches that only make the situation worse. In general, none of the current problems can be solved with old approaches. We need fresh ideas that would be free from stereotypes," said the Russian president, whose speech came on the heels of the North Korean missile launch.

Putin continued: "We should set a role model for the global community of how we can work together, develop together, based on equality and respect for national sovereignty based on international law and the United Nations principles."

The Beijing-led two-day international conference that kicked off on Sunday, 14 May, is seen as China's answer to Davos or the G20. China considers the gathering as the most important diplomatic initiative of this year.

The summit has been in the works for nearly four years and has drawn participation from countries responsible for about 40% of the global GDP. Its stated objective is to develop infrastructure in Eurasia in order to reinforce ties between various countries. The modern day Silk Road is specifically designed to link China with the rest of Asia, Africa and Europe.

Inaugurating the event, Chinese President Xi Jinping said the Belt and Road plan is a step towards a future of "happiness, peace and harmony".

"Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit," said the Chinese president.