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China's benchmark prices for spot interbank gold transactions are lower Wednesday. [Photo/Sipa]

China's Belt and Road Initiative will create new opportunities for the asset management industry in the Asia-Pacific region in the next few years, a new industry report said.

China's approach to address major risks, poverty and pollution, "could set a global standard for using the major challenges of our time as drivers for innovation", said Dennis Pamlin, senior adviser at the Research Institutes of Sweden. "With this new initiative, China could actually shift the global innovation focus."

China will upgrade the free trade agreement negotiations under the Belt and Road Initiative, and sign more agreements for currency swaps, investment promotion and protection, and expand yuan settlement, Zhang said.

China will issue the first three batches of special government bonds totaling 170 billion yuan (about billion) to raise funds for coordinating epidemic control and economic development, the Ministry of Finance said Tuesday.