To bolster the initiative, China has established and put into operation the Silk Road Fund and is working actively to prepare the launching of the AIIB.
Since established in December 2014, the 40-billion-U.S.-dollar Silk Road Fund has invested in a range of projects such as a hydropower station in Pakistan and the acquisition of the Italian tyre maker Pirelli by China National Chemical Crop.
The AIIB, aimed at helping finance infrastructure construction in Asian countries, has attracted more than 50 countries, including some major industrialized countries like Britain, France and Germany, and is expected to begin operations in January 2016.
"The AIIB is a very good initiative. I think the U.S. made a big mistake by staying out of it. I believe that overtime this can become a very valuable multilateral instrument for development," Bottelier said.
OPTIMISTIC OUTLOOK
In the short term, China would continue to bolster the global economy, as "the United States, Japan and Europe have all run out of ammunition," said Xie Dongming, an analyst with the Singaporean bank OCBC Bank, referring to the fact that those countries either have zero interest rate or have adopted quantitative easing policies.
The Vietnamese economist Luc said that China has strong resources with abundant foreign reserves, a humble budget deficit and low public debts.
"Thus, there is room for China to loosen its monetary and financial policies such as decreasing interest rates or dropping required reserves," he said.
Moreover, as China is determined to change its economic growth model by pursuing innovative, coordinated, green, open and shared development, it is expected to achieve a sustainable development and balanced growth, which is good for the whole world.
China's 13th Five-Year Plan, a blueprint for China's development in 2016-2020, clearly lists innovation as the number one driving force for growth which focuses on quality and efficiency.
Collyns said a "growth rate around 5 percent to 6 percent in the next five years will be fully achievable, and it will be consistent with the objective of creating jobs for Chinese workers and improving environment with more sustainable natural resources."
"China will still grow very fast relative to the rest of the world economy," he said.
Gu Qingyang, associate professor of the Lee Kuan Yew School of Public Policy of National University of Singapore, said Xi's speech at the APEC summit signaled China's determination to further open up, which will strengthen its role as a locomotive for the global economy.
Xi said that China is working to build a new open economy with an even higher level of openness, and that China is committed to open regionalism and policy coordination with countries in and beyond the region.
"The prosperity of China is important to the global economy," said Robert Hormats, vice chairman of Kissinger Associates. "More market-driven economy of China is good for the global outlook."
