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"China has already stopped focusing on the growth of its trade volume, and pays more attention to added value, brand building and structural optimization, so that the country can realize a transformation from being a big trading nation to a strong one," said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies.

"China firmly opposes the plan and has lodged solemn representations and protests to the US side," Foreign Ministry spokesman Geng Shuang told a press briefing.

"CITIC Group has encouraged its financial and non-financial units to join hands in advancing the Belt and Road Initiative. The business synergy could facilitate the sharing of overseas resources and channels between CITIC subsidiaries, and help lower various costs in developing our overseas business," Chang said in a recent interview.

"China is a big country and economic power with a huge population; and we are small with much less population. Our economy has started to pick up," said Zoltan in his speech at the launch. "But in the same way that China is keen to develop a friendship with our small country, so we also hope to deepen the relationship with China. And the two countries can develop such a friendship that both sides care about each other."

"China has the fiscal space and so it is appropriate that it consider using it, with due caution, to counter global economic headwinds," Goldberg said.