Zeng called on Asian economies to enhance exchanges and cooperation on infrastructure construction guidelines, reach consensus on building a regional infrastructure network and launch a long-term infrastructure arrangement for the region, based on their own plans.

Zeng's remarks came a day after President Xi Jinping urged Asian economies to strengthen cooperation to generate prosperity in the region and the rest of the world, saying that Asia is the engine of global economic recovery.

In 2012, Asian economies accounted for half of global GDP growth.

But Zeng warned of the risks of raising funds for the infrastructure initiative.

"Such a big program needs a huge amount of capital. Some economies probably cannot do this," he said.

According to the Asian Development Bank, from 2010 to 2020, an infrastructure fund with as much as $8 trillion is needed in Asia to help sustain economic growth.

"Establishing a multilateral financial organization is a pressing task," said Zeng.

"It should be open to Asian governments as well as private capital from within and outside the region," he added.

Sectors that are closely related to people's livelihoods, including transportation, energy, telecoms and ecological protection, should be prioritized when it comes to the allocation of the fund, he said.

Zheng Xiaosong, assistant minister of finance, said the Chinese government is looking into the possibility of such a fund.