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The Chinese government has said in a statement that the signing of the FTA was a significant development because, of all the FTAs involving China, this one boasted the "highest level of overall trade and investment liberalization."

The Belt and Road Initiative, proposed by President Xi in 2013, is aimed at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.

In a ceremony marking the takeover of the chairmanship of the Business 20 (or B20) from his Turkish counterpart Rifat Hisarciklioglu, B20 China Chair Yu Ping said China would proceed on the path set by Turkey.

Zuma said the AU and African countries think highly of the upcoming summit, adding that he is sure the summit will be a "historic" one in the Africa-China relationship.

Despite a recent slowdown, China still contributes 30 percent to world economic growth, which means that China still acts as a major world economic powerhouse, said Xi.