The much-hyped Second Belt and Road (BR) Forum for International Cooperation started in Bejing, China on Friday amid the presence of heads of state and government from 38 countries.
Chinese President Xi Jinping attended the opening ceremony at the China National Convention Centre, and delivered the keynote speech.
Russian President Vladimir Putin, Malaysian President Dr Mahathir Mohamad, and Pakistani Prime Minister Imran Khan attended the programme, among other leaders.
Addressing the opening session, Mr Xi said the BR is not an 'exclusive club', and implementation of the BR projects needs to be transparent.
"There will be 'zero tolerance' for corruption (in project execution)."
President Xi, who conceived the BR's idea, said China will allow foreign investors to operate business in more sectors with a controlling or full stake in the businesses.
He also pledged to lower tariffs, increase imports, and open up more sectors of the Chinese economy to foreign businesses.
"We will overhaul and abolish unjustified regulations, subsidies and practices that impede fair competition and distort the market," the Chinese President said.
"We will treat all companies, enterprises and business entities equally, and foster an enabling business environment - based on market operation and governed by law."
"China will step up in protecting the legitimate rights and interests of foreign owners of intellectual property rights, and prohibit the forced transfer of technology."
China will create a business environment, in which the value of knowledge is respected, he noted.
"The country will increase import of goods and services on a large scale, and further lower its tariff rates. China will gradually open up its market, and welcome quality products from around the world."
China is willing to import more competitive farm produces, finished products and services, he added.
Mr Xi stressed the need for constructing high-quality and sustainable infrastructure under the Belt and Road Initiative (BRI).
He also pledged to sign high-standard free trade agreements with more countries.
"China will negotiate and ink high-standard free trade deals with more countries."
China will support 5,000 people from innovation sector of the BR countries in the next five years for conducting exchanges, training programmes and joint researches.
President Xi promised that China will not engage in beggar-thy-neighbour currency devaluation.
Besides, the country will continue to improve the exchange rate formation mechanism of its currency, the renminbi, and keep the exchange rate generally stable on a reasonable and balanced level, he concluded.