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For Chinese scientists, this is a "historic moment," Moeti said on the sidelines of the 2nd Ministerial Forum of China-Africa Health Development taking place in Cape Town.

Entrepreneurship and innovation have unlocked creativity and entrepreneurial passion, which are emerging as key drivers to power growth, he said.

He urged the U.S. to figure out a way to absorb -- and not resist or contain -- the rise of China, without yielding its own existing interests and structures that have provided peace and security for the Western Pacific and, more broadly, since World War II.

In the government work report, released in March, Premier Li Keqiang identified mass entrepreneurship and innovation as new engines for economic growth.

MAS said the existing cross-border RMB initiatives between Singapore and the China-Singapore Suzhou Industrial Park (SIP) and Sino-Singapore Tianjin Eco-City (SSTEC) will be expanded to the cities of Suzhou and Tianjin, which means that banks in Singapore will be able to lend RMB to corporates across Suzhou and Tianjin, and corporates in Suzhou and Tianjin will be able to issue RMB bonds in Singapore.