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China has denied the accusation, saying that the initiatives are not exclusive and not a tool for geopolitics like the Marshall Plan, which led to the start of the cold war.

Jiang Jianguo, director of the State Council Information Office (SCIO) of China, said at the opening ceremony of the forum that Indian and Chinese media organizations should increase the exchanges of journalists, articles, and story ideas as well as carrying out more joint interview and opening more youth exchange programs for media talents.

A total of 67 experts from 32 countries joined the seminar, including Nobel laureates Michael Spence and Edmund Phelps, and US futurist and best-selling author John Naisbitt.

Known for its vigorous private business and strong entrepreneurship tradition, Wenzhou is often at the frontline of trying bold economic reform policies. A pilot project of legalized private lending, in operation in Wenzhou, had not been endorsed by the State Council until a local credit crisis caused by underground lending in 2011 and a provincial regulation only came out after two years of the trial.

BEIJING, Feb. 28 (Xinhua) -- China on Saturday applauded the UN resolution on the 70th anniversary of the end of World War II, urging countries to explore effective ways to maintain international peace and security.