The Belt and Road Initiative (BRI) was launched by China, but it belongs to the world and benefits the whole of humanity, said a white paper released by China's State Council Information Office on Tuesday.

The white paper, titled "The Belt and Road Initiative: A Key Pillar of the Global Community of Shared Future," said China proposed the BRI in response to a changing global situation and the expectations of the international community, and with the future and overall interests of humanity in mind.

Drawing wisdom and strength from the ancient silk routes and the Silk Road spirit, the BRI targets development not only for China but for the world, and eyes to create a better world, it said.

With the Communist Party of China being a major political party with a global vision, and China a major country pursuing peaceful development, the BRI carries forward the Silk Road spirit in the new era, evokes the pleasant memories of the past and has fired many countries' enthusiasm for connectivity.

As for development issues, the white paper said that while economic globalization has given strong momentum to the world economy and remains an irreversible trend, it must undergo adjustments in both form and substance and be made more open, inclusive, balanced and beneficial to all.

A major step taken by China, the BRI aims to promote higher-quality development through higher-standard opening up, and share China's development opportunities with the rest of the world, it said.

The initiative is a Chinese solution to global development issues, which aims to advance modernization in participating countries in tandem, make economic globalization more dynamic, inclusive and sustainable, and ensure that more of the fruits will be shared more equitably by people across the world.

The BRI has created new understanding, inspired the imagination of the world, and contributed new ideas and approaches to international exchanges, the white paper said, which expects the initiative to produce a fairer and more equitable global governance system and take humanity to a better future.