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The inauguration of the ASEM in 1996 in Bangkok, Thailand, ushered in a new era of equal dialogue, all-round cooperation and joint action against challenges on the two continents, he said.

BEIJING, July 28 (Xinhua) -- Businesses and financial institutions from China and Africa signed a total of 39 deals worth around 17 billion U.S. dollars here Thursday.

"If we don't take action to boost productivity and potential growth, both younger and older generations will be worse-off," said Catherine L. Mann, chief economist of the Organization for Economic Cooperation and Development (OECD).

He added that the strengthening of cooperation between India and China will provide aspirations for other developing nations.

One of the burning issues beleaguering the world economy is a rupture in policy coordination among countries at various stages of development backdropped by resurgent protectionism, nationalism and isolationism, said Zhu Jiejin, a professor with China's Fudan University.