President Xi Jinping announced US$60 billion in support on Monday as leaders from more than 50 African countries met in Beijing for the Forum on China-Africa Cooperation.
Addressing businesspeople prior to the formal opening of the Forum on China-Africa Cooperation, Xi said the "Belt and Road" initiative will expand markets.
It has already seen China loan billions of dollars to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects.
China has denied engaging in "debt trap" diplomacy, and Xi's offer of more money comes after a pledge of another $60 billion at the previous summit in South Africa three years ago.
On industrial promotion, Xi said a China-Africa economic and trade expo will be set up in China and Chinese companies are encouraged to increase investment in Africa.
The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing's influence overseas.
President Yoweri Museveni was among several African Heads of State and Government who attended the opening ceremony of the summit.
Speaking to leaders from more than 30 African countries at Beijing's Great Hall of the People, Xi said China's investment and engagement on the continent would continue, with no political strings attached to Beijing's investments in Africa.
"China does not interfere in Africa's internal affairs and does not impose its own will on Africa", he said.
He says cooperation between China and Africa has brought about many fruits. "Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most", Xi said.
People-to-people cooperation is taking on a new look.
The program is part of Xi's broader Belt and Road Initiative, an ambitious $120-billion-plus project that aims to link 65 countries in Europe, Asia and Africa - together accounting for nearly two-thirds of the world's population - through infrastructure projects and trade.
Belt and Road has been criticized by many global analysts and leaders for its debt-heavy structures that unfairly burden the Asian, European, and African nations receiving its funds.
"The reality is that Chinese debt as a percentage of total African debt is still relatively small", said Kenny Fihla, Standard Bank's chief executive for corporate banking.
China defends continued lending to Africa on the grounds that the continent still needs debt-funded infrastructure development.
He added that China values sincerity and trust in pursuit of partnership cooperation and has neither any attachments to the strength in the continent nor seek any gains while cooperating with Africa.
Xi further announced that China will support the youth from Africa by offering them scholarships, training high calibre young people from the continent and launching Africa innovation centre and that of environment.
Ramaphosa warned that the benefits of globalization have not been equally distributed between countries, resulting in a "fractured world where some powers are prone to unilateral and protectionist measures". [Consultation Mechanism] As prescribed in the Program for China-Africa Cooperation in Economic and Social Development, adopted at the 2000 Ministerial Conference of FOCAC, China and Africa agreed to set up joint follow-up mechanisms to conduct regular evaluations on the implementation of the follow-up actions.
While relations between China and African nations are broadly positive, concerns have intensified about the impact of some of China's deals in the region.
"The progress that has been made in the last 18 years clearly demonstrated the tangible and lasting benefits of FOCAC to the people of Africa and indeed to the people of the People's Republic of China as well". Locals in other countries have complained about the practice of using Chinese labour for building projects and what are perceived as sweetheart deals for Chinese companies.