The Belt and Road Initiative holds the key to whether China can face its major economic challenge of further deepening economic reform and opening-up, according to a prominent Chinese economist.

Addressing the Ninth World Chinese Economic Summit in Hong Kong on Monday, Wang Haifeng, director of international trade and investment at the Institute for International Economic Research of the National Development and Reform Commission, said the China-led initiative will set the stage for the country's marketization, linking its economy with those of more than 60 countries and regions.

The project will also act as a bridge for China to realize its second centenary goal of becoming a strong, democratic, civilized, harmonious and modern socialist country by 2049, as spelt out by General Secretary Xi Jinping in his report to the 19th National Congress of the Communist Party of China last month, he said.

Wang said sound implementation of the initiative depends on whether China and the countries concerned can work together internally and regionally, especially on domestic infrastructure projects.

The success of private participation and market reform will also lead to better development for the Belt and Road regions, providing opportunities to those countries.

As for the potential risks, he cited internal economic reform and effective market participation in the developing and less developed economies, as well as geopolitics along the Belt and Road.

Wang said China is an active participant and one of the beneficiaries of regionalization and globalization, which is also part of the country's opening-up strategy, but is not the biggest beneficiary compared with other developed countries. He added that China is an active participant and promoter rather than a leading power in the Regional Comprehensive Economic Partnership and Free Trade Area of the Asia Pacific, which is an exclusive and transparent platform with more Asian countries involved.

Referring to Hong Kong's role in the Belt and Road Initiative, he said the HKSAR is a "super-connector," which is highly in line with other international economies as the city is a trading, shipping and financial center with cultural diversity and smart power possessing advantages, including comprehensive legal, management, consulting and arbitration professional services.

He also said that, in terms of building infrastructure projects, Hong Kong is the best place for fund-raising and valuation activities.