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Cape Town, South Africa. (Wikimedia Photo / public domain)

Caution has grown among investors on fears of a slack market stuck in oversupply and weak demand. Amid the compounded concerns, crude has been trading close to its 18-month low, with both benchmark prices dropping more than 40 percent since hitting their four-year highs in early October.

Catherine McGuinness, policy chairman for the City of London, said this commitment from Xi "indicates a wish for China to be a global player, one that understands the importance of working with other countries for the benefit of the entire global economy".

CapitaLand Group, one of Asia's largest real estate companies, will step up efforts in technology innovation in China and explore setting up buildings, malls and communities that are all "intelligent", in a bid to accelerate digitalization of its property offerings.

Chediek called the Belt and Road Initiative an excellent undertaking and a great initiative of the Chinese government.