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Hua stressed that China has always been committed to settling South China Sea disputes through consultation and negotiation with countries directly concerned, on the basis of historical facts and in accordance with international law.

Countries should respect the diversity in world civilizations and development paths, and encourage different civilizations and countries with different social systems to learn from each other and draw on each other's strengths for common progress, he said.

The Chinese economy is growing at a proper rate, government debt risks are controllable and the yuan will not experience a prolonged depreciation, the premier said as he met with business leaders at the annual meeting of the New Champions, also known as the Summer Davos Forum, in northeast China's port city of Dalian.

Yu, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, thanked them for their great efforts in Tibet's reform and development and improving the people's living standards.

"We hope to enhance capacity cooperation with South Africa, and carry out technology exchanges and personnel training," Li said.