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Progress and results in implementation have exceeded expectations with more than 100 countries and international or regional institutions so far involved. In 2015 alone, the investment flow to related countries from Chinese enterprises was about 19 billion U.S. dollars, up 38.6 percent from the previous year.

Fang was speaking at a seminar on the Belt and Road Initiative which opened on Monday in Xi'an, capital of northwest China's Shaanxi Province.

Talking about China' s insurance market, it has developed for a very short time. Therefore we do lack experience, and we are taking steps to enhance and improve our regulatory structure to protect the policy holders. Every year, the elderly population in China grows by a large margin, so there is a huge insurance market in China.

Strictly running the CPC should start with governing political life within the Party, and the upcoming session will stipulate a regulation on political life within the Party under the new situation.

"Although we are a small country, China treats us equally," he told Xinhua. "Cambodia is proud to be one of China's trusted friends."