China's "Road and Belt" initiatives to bring new momentum to world growth

"These initiatives combined represent a historically important set of international economic initiatives led by China; there has been nothing of this scale and historical significance since the 1940s and 1950s," said Hormats, adding "this is truly a great and historic endeavor."

Hormats said the benefits from these historic initiatives will come from boosting trade and investment and enabling capital to flow to areas that need it most.

In addition, the boost in global commerce this can produce will enhance the prosperity of many countries in Central Asia, he added.

"I think the Belt and Road initiatives can make a major contribution to the region if regional neighbors are actively involved in all phases of design and implementation, which seems to be a key feature of the plan," said Hormats.

Pieter Bottelier, a senior adjunct professor of China studies at the School of Advanced International Studies of the Johns Hopkins University, echoed Hormats' opinion, saying "I am very impressed by the action plan announced by the (Chinese) government. It opens significant new perspectives on development in central and western Asia."

Bottelier said China has the capability and financial resources to provide those public goods globally, which makes the plan look "very interesting and promising."

The success of the plan "depends really on the quality of the projects and on the degree of the cooperation between China and neighboring countries," Bottelier added.