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The G20, a main forum for global economic and financial cooperation, accounts for around 85 percent of global GDP, 80 percent of world trade, and two-thirds of the human population.

In the joint declaration, the three sides also agreed to expand people-to-people exchanges so as to dispel negative national public sentiment among the three Northeast Asian neighbors.

"It is a very unusual pursuit and new strategy that I've never seen before. Through the initiative, China encourages countries to form economic partnerships and really promote connectivity and integration," he said.

The leadership group oversaw 149 inspections since late 2012 and would conclude inspections on all local governments, major SOEs and financial institutions, including the central bank, securities regulators and state-owned banks, by the year end, Luo said.

South Korea has also adopted a strategy of "going global" for its enterprises. Therefore, it is hoped in South Korea that China's Belt and Road initiative could offer more opportunities for Korean enterprises, he said.