Beijing, Jan 15 (IANS): China wants its ambitious One Belt One Road project to be developed on the public-private partnership model in the participating countries.

He Lifeng, deputy head of National Development and Reform Commission (NDRC), proposed this on Saturday, Xinhua news agency reported.

The infrastructure and trade network connects Asia with Europe and Africa along ancient trade routes.

The NDRC, China's top economic planner, and several other departments have come up with a working mechanism to boost the PPP model in countries along the routes, He said.

He did not elaborate how the mechanism would work, but said the PPP model would help facilitate the progress of projects as it broadens financing channels for companies.

Innovative financing models are necessary since some projects under the Belt and Road Initiative require large investments with long payback periods, He said.

PPPs have existed in China since the 1980s, but the adoption of the financing mode had been slow until China released two PPP guidelines in 2014.