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As to the lingering doubts whether it's possible for nations to advance economically while having fewer resources than China, the white paper points out the difference between China and other developing countries is not as vast as one might think.

As the campaign to cut overcapacity deepens and the industry's profitability increases, the risks of illegal new capacity also start to grow, reflected by the phenomenon that some steel companies play tricks to build new capacity, and the production of substandard steel reoccurs, said Wang Wei, head of the raw material department of the Ministry of Industry and Information Technology.

As such, Africa and China are now working together to amalgamate China's competitive industries with their high-quality industrial capacity to enhance Africa's industrialization and economic diversification. This mechanism takes into consideration that it is unfeasible to realize real political independence in the absence of economic independence.

As the trade tensions have escalated after the United States imposed hefty additional tariffs on a large amount of Chinese goods, enterprises in China need to rethink the shifting of value chains and the consequences, the economist said.

As the global aviation industry suffers losses during the pandemic, Chinese airlines are fighting against the virus headwinds by leveraging the multi-billion dollar livestreaming market in the country.