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Chinese Ambassador to the Philippines Huang Xilian, in a call on Wednesday to Duterte, said: "China stands ready to join hands with the Philippines to overcome the current difficulties, and is willing to extend assistance to the best of its capabilities in line with the needs of the Philippine side."

China-Africa production capacity cooperation has made progress so far. China has signed the framework agreement on production capacity cooperation with 14 African countries, including Ethiopia, Egypt, Nigeria, South Africa, Kenya and Ghana, and agreed with some countries on priority areas and key cooperation projects.

China's top leaders have said the country will unswervingly encourage, support and guide the development of the non-public sector and support private enterprises to develop toward a broader stage.

China's reform and opening-up that began in the late 1970s "has had remarkable positive effects on China's standard of living," Obstfeld said in a recent interview with a small group of reporters ahead of his retirement from the IMF at the end of the year.

Chinese President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee, called for efforts to build Xiongan into "a demonstration area for innovative development."