Premier Li Keqiang on Thursday urged developed countries to adopt "growth-friendly" policies and avoid "spillover effect" of their policies.

"We hope nations could strengthen coordination of their macro-policies, to oppose protectionism in various forms. Developed counties particularly should adopt more 'growth-friendly' policies and avoid 'spillover effect' of their policy adjustments," Li said at the opening ceremony of the Boao Forum for Asia Annual Conference.

His comments are an implicit reference to the monetary policy of the United States, whose interest rate hike expectation has driven capital outflow from emerging markets to the US.

He also proposed to establish the "Asian Financial Cooperation Society", a non-governmental organization within the region aiming to strengthen cooperation among Asian financial institutions and resources integration. He first raised the proposal last November in Kuala Lumpur.

"We are willing to cooperate with various sides to improve the Asian financial market, in order to avoid another massive financial turmoil," Li said.