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Against the backdrop of a sluggish global economy, the initiative will help stabilize the world economy through industrial capacity cooperation between China and countries along the routes, to advance their industrialization and modernization, as well as improve their infrastructure, Xi said.

According to the Chinese president, China's basic standpoint to improve its relations with Japan has not changed. Bilateral ties have entered a key phase, where "no progress means regression."

Officials said the upgrading will convert the existing two lane road to a four lane access controlled express way including the two service roads of the highway.

Xi spoke of the need to balance exploitation and protection of resources and to create industrial processes, techniques and skills featuring low consumption, fewer emmissions and high returns.

China is willing to work with Hungary to accelerate the Hungary-Serbia railway project under the Belt and Road Initiative, Wang said.