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China "has a lot of scopes to increase fiscal stimulus" if it needs to, as the country has definitely low central government debt relative to the GDP, he said.

Yi was asked about China's foreign reserves twice at a press conference on the sidelines of the fourth session of the 12th Chinese People's Political Consultative Conference (CPPCC) National Committee, of which he is a member.

Liu said that voices of the related countries and regional countries should be heard by the council to enhance the rationality of the council's decision.

Hu Angang, an economist with Tsinghua University, echoed the view in comments after the session.

"In the past two years we see that there isn’t a single country among them that does not wish to be a part of the project, and doesn’t wish for something from the project to be realized," said Obradovic.