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China plans to accelerate the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road aiming to strengthen Beijing’s cooperation with Asian and European countries, the country’s president said on Thursday, TASS reports.

"We should prepare timetables and road maps for the coming years for the 'One Belt and One Road' project," Xinhua quoted Chinese President Xi Jinping as saying at the eighth meeting of the Central Leading Group on Financial and Economic Affairs.

China will focus on significant projects and let the construction of 'One Belt and One Road' commence as soon as possible, the president said, adding that the cooperation with the countries involved would be mutually beneficial.

Beijing will help partner countries with infrastructure projects, including transportation network, electricity facilities and telecommunications, Xi told the meeting.

The Asian Infrastructure Investment Bank (AIIB), which is expected to begin operations by late 2015, and the Silk Road Fund should play an important role in financing these projects, the Chinese leader said.