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"Unlike NATO's endless wars, construction of infrastructure -- railways, water navigation, electric power grids, lifts people up and enhances peace and stability," Engdahl said, pointing out that Xi's offer benefits both Africa and China.

Cheng Guoping, vice foreign minister of China, told a recent press briefing in Beijing on Dec. 8 that industrial capacity cooperation, along with trade facilitation, infrastructure building as well as financial cooperation, will be the priorities for enhancing regional cooperation among SCO countries.

The government should take "a combination of measures" to resolve problems from overcapacity, including fiscal and financial support, ensuring the lives of laid-off workers and enhance supervision on local governments' work around overcapacity, Li said.

Two-way trade reached 69.1 billion U.S. dollars in 2014, growing by 230 times over that of 1990 when the two countries established diplomatic ties.

Under the nuclear deal, Iran promised to significantly scale back its atomic plan to address Western countries' concerns over its alleged nuclear weapon program.