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However, this situation has radically changed with the African countries now regarding China as the most suitable partner in their national industrialization and other development programs, he added.

The president said the Chinese economy is predicted to grow about 7 percent this year, which will continue to contribute about one third of global growth.

China and Turkmenistan share the same stance on many regional and international issues, which is proof of the high-level strategic partnership of the two countries, said Xi.

Youth exchanges, as an important component of cultural and people-to-people exchanges between the two countries, represent the future of bilateral relations, Li said when addressing the first China-South Korea Young Leaders' Forum.

The country will also eliminate outdated and excessive capacity of SOEs and dispose of inefficient assets. State capital will be removed from some SOEs, while others will be restructured or upgraded on the basis of innovation.