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"By virtue of the Belt and Road Initiative, TCL has accelerated its globalization in European countries through establishing factories and cooperating with local partners to gain more market share in Europe," said Liang Zhenpeng, a consumer electronics analyst.

"By working together, our countries are demonstrating the value that closer ties and greater cooperation can deliver," said IDC Chairperson Busi Mabuza.

"China has been so successful in developing technology with a lot of involvement of the US economy and other global leaders that it has become one of the world leaders in some of the newest technologies, whether it's heavy duty computing, supercomputing, artificial intelligence and a host of other areas," Firestein said.

"By setting up manufacturing bases in Africa, Chinese companies are assured of a cheap, adequate labor force, access to raw materials and a big market," he says.

"But most producers don't have enough money for their R&D work. With the support of the fund, domestic suppliers can bring in more advanced technology from abroad through investments, and mergers and acquisitions," Lin added. "This will in effect help domestic companies to grow faster and produce more competitive products."