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China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures to reduce the local debt burden.

China's development experience is relevant to Africa, he said, adding that having been at a similar development point in history gives a lot of developing and emerging economies in Africa hope for transformation and innovation.

China's economy maintained steady growth and a positive outlook this year, with many bright spots emerging, including markedly improved corporate profits, said Bai Chongen, a Tsinghua University professor and member of the central bank monetary policy committee, at a forum.

China's commercial banks made combined net profits of 522.2 billion yuan (.2 billion) in the first three months, up 5.86 percent year-on-year, data from the China Banking and Insurance Regulatory Commission showed.

China's growth has been slowing to a "new normal" and economic rebalancing is underway. Managing this transition in a sustainable manner will be critical to achieving the country's development goals, the report "Towards a More Inclusive and Sustainable Development" said.