Two China-proposed projects, the "One Belt, One Road" initiatives and the Asian Infrastructure Investment Bank (AIIB), have become the most hotly discussed topics among panelists and media at the Boao Forum of Asia, which kicked off on Thursday.

Ahead of a keynote speech of Chinese President Xi Jinping scheduled at the opening plenary on Saturday, which themed "Asia's new future: towards a community of common destiny," government officials and business elites have been discussing major issues including local government debts, Internet finance, environmental protection, new dynamics of government-business relations and capital management over the first two days of the forum.

While Xi's speech is believed to highlight the "One Belt, One Road" initiatives, China also plans to release a detailed plan on the initiatives at the Boao Forum and announce a list of major projects.

Proposed by Xi in 2013, "One Belt, One Road" refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives. The initiatives have involved nearly 60 countries and over 4 billion people along the routes.

Aimed at strengthening regional connectivity and integration, the initiatives are expected to export China's excess capacity, secure energy safety, push forward the internationalization of the yuan and maintain economic growth, observers said.

Moreover, the initiatives will help boost economy in under-developed regions along the routes and enhance multilateral cooperation, and bring advanced transport infrastructure and financial support to them.

As an important international financial and trade hub, Hong Kong will play a significant role in promoting the initiatives, Hong Kong Chief Executive Leung Chun-ying said Friday at the Boao Forum.

"Hong Kong has the experience, the expertise and the connections to serve as the fundraising hub of 'One Belt, One Road' - the 'super-connector' between the mainland and the rest of the world," said Leung.

A panel discussion on the 21st Century Maritime Silk Road is expected on Saturday, during which Chinese State Councilor Yang Jiechi is set to elaborate on the project.

"Such initiatives will continue to enhance the influence of China and Asia in international affairs," Chen Zhiwu, a professor of finance at Yale University, told the Global Times Friday.

Chen also noted that local governments should not be too aggressive in starting new infrastructure projects in accordance with the initiatives as it may push up the debt ratio of local governments.

Apart from the initiatives, the China-proposed Asian Infrastructure Investment Bank (AIIB), which braces for a pivot point on March 31, the application deadline for prospective founding members, continues to attract wide attention Friday.

China's Ministry of Finance on Friday announced that Luxemburg has officially become a founding member of the AIIB, bringing the total number to 28.

The ministry also stated on Friday that Austria and South Korea have applied to become founding members and China has launched an solicitation of opinions from other member countries.

Australia, at the same time, is believed to be about to join the AIIB if the right conditions are met.

Western countries including the UK, Germany, France and Italy have expressed willingness to be a part of the AIIB, which aims to facilitate infrastructure investment in Asia and will be complementary to established multilateral banks.

"It has been a tremendous [achievement] in terms of the numbers of countries that are signing up for the AIIB, within Asia but also countries outside of Asia," Carlos Gutiérrez, former US secretary of commerce, told the Global Times on the sidelines of an event at Boao.

He said that what worries the US government is just the governance of the AIIB. He also noted that it is still too early to say whether the AIIB will affect the US position in the current international financial system as the AIIB is not officially established yet.