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Chan, the Singaporean minister, also said at the forum that as a key global trading and financing hub, Singapore could be a launch-pad for Chinese companies to venture into third-party markets, especially in Southeast Asia.

Tomoaki Komori, managing director of Shanghai Takashimaya Co. Ltd., a renowned Japanese department store, said 85 percent of the company's revenue comes from overseas consumers. The company is eager to expand its business to China. The Takashimaya exhibition center in Shanghai, one of the permanent platforms, will focus on bringing foreign clothing, children's products and food to the Chinese market.

The areas of cooperation also included the circular economy, smart city development, and ways to tackle climate change.

The plan, issued by the National Development and Reform Commission, maps out the strategic positions and targets of the economic belt.

With the global economy facing great uncertainties due to the rise of protectionism and unilateralism, China has stepped into the void to promote global cooperation.