The initiatives are younger because they are born in the age of globalization, he said.

"They are the product of inclusive cooperation, not a tool of geopolitics, and must not be viewed with the outdated cold war mentality," Wang said.

"Belt and Road" refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives proposed by China in 2013 for improved cooperation with countries in a vast part of Asia, Europe and Africa.

The Silk Road Economic Belt is to be established along the ancient Silk Road trade route, stretching northwest from China's coastal area through Central Asia, the Middle East and on to Europe, while the 21st Century Maritime Silk Road will run through the country's south to Southeast Asia.

A $40 billion Silk Road Fund has been put into operation since February to offer investment and financing services to economies and private players along the route.