World Economic Forum expects China's solutions

More than 70 countries and organizations have voiced support for and willingness to join the initiative.

Regions along the route of the initiative are home to 63 percent of the world's population and account for 29 percent of the global economy.

Xi has emphasized that the Belt and Road should be green and people in countries along the new Silk Roads should be beneficiaries of the initiative.

AIIB

The Asian Infrastructure Investment Bank (AIIB), a China-initiated development bank, started operation on January 16, 2016.

It is a product of the evolving business landscape, and will help make the global economic governance system more equitable and effective.

In October 2013, President Xi Jinping, proposed a vision for a multilateral financial institution designed to improve the livelihoods of Asia's people through investment in infrastructure and enhanced regional connectivity.

It is designed to facilitate common development in the region and the world at large.

President Xi's invitation to the world has been warmly embraced.

So far, 57 have signed the Article of Agreements and become founding members of the AIIB.

With authorized capital of $100 billion, the AIIB prioritizes investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics.

President Xi called AIIB's launch a "historical moment" while addressing the event in downtown Beijing and said the bank could increase Asian infrastructure investment effectively and promote regional interconnection and economic integration, which will have a positive effect on the Asian and global economies.

"China has taken an active part in, contributed a constructive part and benefited from the international development system," Xi said.

"The initiative to establish the AIIB is a constructive move. It will enable China to undertake more international obligations, promote improvement of the current international economic system and provide more international public goods. This is a move that will help bring mutual benefits and win-win outcomes to all sides."

"It will also bring along a better investment environment and more job opportunities and trigger greater medium to long-term development potential on the part of developing members in Asia. This, in turn, will give impetus to economic growth in Asia and the wider world."

Last November, Jin Liqun, president of the AIIB, said that after 10 months' operation, the bank's board of directors has approved $829 million financing for six projects, include co-financing projects with other institutes.

"With this rapid development pace, undoubtedly we could achieve $1.2 billion of the projects' volume for the whole year in 2016, and the top total of investment could be $6 billion," Jin said.