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The U.S. State Department announced Thursday that it would impose sanctions on the Equipment Development Department of the CMC and the department's director, alleging that China had violated the "Countering America's Adversaries Through Sanctions Act."

"Private enterprises should strengthen their confidence," he said, noting that the CPC Central Committee has always supported and encouraged the development of the private economy and has rolled out a slew of reforms to help the sector develop since the 18th CPC National Congress.

Li convened and presided over a symposium attended by representatives from state-owned, private and foreign-invested companies as well as financial institutions, addressing concerns over issues including the rise of financing costs.

Monyae said China has promoted development that is peaceful and harmonious and African countries will stand to gain if they follow similar path after dealing with a host of political and economic challenges.

"They are very serious and I am not surprised because of the comprehensive and fast expansion of the Chinese model of economy in Montenegro, Europe and the whole world," he said.