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China is willing to deepen practical cooperation with South Korea and Japan in various fields and further promote regional economic integration as well as peace, stability and prosperity, he said.

Earlier on the same day, the National Development and Reform Commission and State Commission Office of Public Sectors Reform canceled 18 preconditions for investment approval, giving enterprises more room to invest and make independent decisions.

But in recent years, the development of ties between China and Japan and that between South Korea and Japan have been severely troubled which has affected the three-way cooperation, Wang said.

The Belt and Road initiatives are a testament to joint efforts by countries involved to overcome funding shortages and improve infrastructure connectivity.