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China is seeing a slower growth rate as it steps up economic restructuring. The country is transforming from high-speed growth to high-quality growth, no longer driven by manufacturing but by consumption and the service sector, with more investment into innovation and technology.

China has put great effort into developing its technology and the country's many research institutions have recently bred several fruitful, innovative products.

China has pledged to continue with registration-based IPO reform with plans to apply the system to the country's other boards, including the A-shares, as was written into the revised Securities Law effective on March 1.

China is currently striving for the realization of its "Two Centenary Goals" under the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, while Uganda is committed to its national development plan Uganda Vision 2040, Wang said, calling on the countries to dovetail their development strategies and cooperate under the framework of the FOCAC and the Belt and Road Initiative.

China has signed BRI memorandums of understanding with 37 African countries and the AU to promote cooperation in industrial capacity, infrastructure and trade facilitation, making the BRI a bridge of cooperation between China and Africa. Moussa Faki Mahamat, the chairman of the African Union Commission, said Africa-China relations have found the right direction.