Chinese President Xi Jinping said on Saturday that the Five Principles of Peaceful Coexistence initiated 60 years ago are not outdated, but remain as relevant and important as ever in handling international relations.

"Having been tested by the evolution of international relations in the past six decades, the Five Principles of Peaceful Coexistence, as open and inclusive principles of international law, embody the values of sovereignty, justice, democracy and rule of law," Xi said when delivering a keynote speech at a commemoration marking the 60th anniversary of the Principles at the Great Hall of the People in downtown Beijing.

In 1954, leaders of China, India and Myanmar initiated the Five Principles, including mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and mutual benefit, and peaceful coexistence.

Xi said the Principles have become the basic norms governing international relations as well as basic principles of international law.

"These five principles, as an integrated, interconnected and indivisible concept, capture the essence of today's international relations, and can apply to relations among all countries regardless of their social system, stage of development or size," he said.

Xi said the Principles have effectively upheld the rights and interests of the developing world and have played a positive role in building a more equitable and rational international political and economic order.

Today's world is going through a profound and intricate changes, Xi said, adding that peace, development, cooperation and mutual benefit have become an unstoppable trend.

"Countries are bound together in this community of common destiny," said the president. "On the other hand, injustice and inequality are still pronounced probelms in international relations."

"Global challenges keep emerging, so do conflicts and local wars in various regions," Xi said.

He said people in many countries, children in particular, are ravaged by war. "Many people in developing countries still suffer from hunger."

To uphold global peace and promote common development remains a daunting challenge facing mankind, Xi said.

"In the new era today, the spirit of the Five Principles of Peaceful Coexistence, instead of being outdated, remains as relevant as ever; its significance, rather than diminishing, remains as important as ever; and its role, rather than being weakened, has continued to grow," said the Chinese leader.

Visiting Myanmar President U Thein Sein and Indian Vice President Mohammad Hamid Ansari participated in Saturday's commemoration and delivered speeches.

Also present at the commemoration were Chinese Premier Li Keqiang, top legislator Zhang Dejiang and top political advisor Yu Zhengsheng.