BOAO, Hainan, March 28 -- Chinese President Xi Jinping said on Saturday the vision and action paper of China-proposed "Belt and Road" initiative has been developed thanks to the concerted efforts of relevant parties.

Substantive progress has been made in the establishment of the Asian Infrastructure Investment Bank (AIIB), said Xi while delivering a keynote speech at the opening ceremony of the Boao Forum for Asia conference held in the country's southern island of Hainan.