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It unveiled the first four projects on Friday with approved financing totaling 509 million U.S. dollars. The funded projects are a power distribution system upgrade and expansion project in Bangladesh, a national slum upgrading project in Indonesia, a motorway project in Pakistan and a border road improvement project in Tajikistan. The bank has set a target of lending about 1.2 billion U.S. dollars in 2016.

The statement issued Tuesday by the Chinese government reaffirmed once again China's territorial sovereignty and maritime rights and interests in the South China Sea.

In seeking to become a world-leading S&T power, China aims to speed up S&T innovations in all fields and seize the initiative in global S&T competition, Xi said.

The arbitration on the South China Sea is undoubtedly the result of the intervention of outside powers and the will of an Arbitration Tribunal which does not hesitate to excessively expand its competence. Similarly, some voices urging China to accept the ruling of the Arbitration Tribunal reflect an international context which is more than complex. With this arbitration, it is not only the right of China but rather the rights of all state parties to UNCLOS that are violated, Zhai stressed.

"Any attempt by any force to undermine or deny in any way China's territorial sovereignty and maritime rights and interests will be futile and will fail," he said.