BEIJING, March 8 (People’s Daily) -- The China-proposed Belt and Road Initiative is a response to the need for development and cooperation among Asian and European countries, which should not be seen as expansionism, Chinese Foreign Minister Wang Yi said Tuesday.

The Belt and Road Initiative refers to the Silk Road Economic Belt that links China with Europe through central and western Asia, and the 21st-Century Maritime Silk Road connecting China with southeast Asia, Africa and Europe. “The Initiative is China's idea, but the opportunities it has created belong to the world," Wang told a press conference on the sidelines of the national legislature's annual session.

Wang said, in building the Belt and Road Initiative, China follows the principles of wide consultation, joint contribution and shared benefit, noting that it is "an open initiative, not some form of Monroe Doctrine or expansionism."

Until now, more than 70 countries and international organizations have expressed interest in the Belt and Road Initiative, and over 30 countries have signed agreements with China to jointly build it. The financial architecture is basically in place. The China-proposed Asian Infrastructure Investment Bank has started operation and the first group of projects financed by the Silk Road Fund has been launched.