At the start of the three-day triennial Forum on China-Africa Co-operation in Beijing, Mr Xi said China would not finance "vanity projects" but would concentrate on commercially viable, sustainable and green investments.

Speaking to representatives of 54 African countries — including several heads of state — in the Great Hall of the People, he said: "Only Chinese and African people have a say when judging if the co-operation is good or not between China and Africa. No one should malign it based on imagination or assumptions."

Mr Xi said the $60bn in new money would include a $5bn special fund for African imports. The funds, which match a $60bn pledge made three years ago at the previous Focac summit in Johannesburg, include $15bn in aid, interest free loans and concessional loans, a $20bn line of credit and $10bn in a special fund for China-Africa development.

Chinese companies would also be "encouraged" to invest $10bn in the continent over the next three years, Mr Xi said.