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First, Wang said, China's financing is in response to Africa's demands for self-development. A country would have a huge need for capital in its primary stage of economic take-off and industrialization and Africa is no exception, he said.

Registered in the FTZ in 2015 by Thomas Cook Group and Shanghai's Fosun International, Fosun Tourism and Culture Group is one of the beneficiaries of fine-tuning to some laws and regulations in China's FTZs to further opening-up and reform.

"The Belt and Road Initiative has greatly helped the development of many small and medium countries," he said.

Speaking of the trade imbalance, the former trade minister, a strong supporter of and contributor to ChAFTA, said, "They will all balance up in the end if you look at a larger picture."

Now China is taking a leading position in the digital economy, which is playing an increasingly important part in driving global development into the new era, he said.