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Besides fresh graduates, veteran entrepreneurs who have sound business plans and the necessary documentation can apply for the visa which is valid for a year but can be extended up to two years.

Besides, more direct flights between major and smaller Chinese cities and Africa have fueled the growth. In May, Ethiopian Airlines launched direct flights between Chengdu in Sichuan province and Addis Ababa, the capital of Ethiopia. In July, Air Leisure launched direct flights between Changsha in Hunan province and Aswan in Egypt.

Besides Wang, this year's event was also attended by Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe and International Monetary Fund chief Christine Lagarde.

Between 2013 and 2018, the added value of high technology industry and equipment manufacturing industry registered average annual growth of 11.7 percent and 9.5 percent, respectively. Compared with 1949, China's raw coal production increased by 114-fold to 3.68 billion tons last year, while steel production rose by 8,503-fold to 1.11 billion tons.

Ben Heap, founding partner at H2 Ventures, said: "Venture capital backing of fintech companies continues to accelerate. The companies on the 2018 list have raised over billion in venture capital, more than double the total of last year's list, and more than billion of capital in the past 12 months, a 366 percent increase over last year."