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In eliminating overcapacity, China will seek more mergers and acquisitions than bankruptcy liquidations.

"All these projects will benefit the whole continent, not a specific country in Africa," he added.

"According to Arab states' needs, China will continue to provide assistance within our means to Arab states through bilateral and multilateral channels, to help them improve self-development capability and people's livelihood," the paper says.

"Asia faces severe connectivity gaps and significant infrastructure bottlenecks. It is critical to address these needs, because good infrastructure is a foundation for robust economic growth, and expand economic opportunities and improve the quality of life for everybody," Jin said.

Premier Li Keqiang, who is also deputy head of the Central Leading Group for Financial and Economic Affairs, also attended the meeting.