"NOT MARSHALL PLAN"

In a story published at the end of last year, US-based bi-monthly magazine "Foreign Policy" had listed the Belt and Road initiatives as the first of "six trends from 2014 likely to burst into international headlines" for China in 2015.

It's premise was correct, but the story became flawed after trying to compare the Chinese strategy to the US-sponsored Marshall Plan.

China has denied the accusation, saying that the initiatives are not exclusive and not a tool for geopolitics like the Marshall Plan, which led to the start of the cold war.

"China's Belt and Road initiatives are both much older and much younger than the Marshall Plan. Comparing one to the other is like comparing apples to oranges," said Wang Yi.

The initiatives are older because they embody the spirit of the ancient Silk Road, which had a history of more than 2,000 years.

The Silk Road was used by people of many countries for friendly exchange and commerce, and the country must renew the spirit and bring it up to date, Wang said.

The initiatives are younger because they are born in the age of globalization.

"They are the product of inclusive cooperation, not a tool of geopolitics, and must not be viewed with the outdated cold war mentality," Wang said.

The Silk Road Fund is not an aid agency, said Jin Qi, who expects market-oriented principles in operation and reasonable returns for shareholders, including China's foreign exchange reserves, the China Investment Corp., the Export-Import Bank of China and the China Development Bank.

The fund will comply with market rules and the international order of finance, welcoming participation by domestic and overseas investors, such as the China-Africa Development Fund and the Asian Infrastructure Investment Bank, Jin said.