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"China is a country that has suffered colonialism by Japan as well as the British, so, it cannot be associated with new colonialism. This allegation is not coming from Africans or their leaders but elsewhere. It's not a correct narrative," Oqubay said.

"China did not seek to impose itself on other nations and wanted to develop relationships based on mutual respect and peace," she stressed. "Unfortunately, some nations seem to be unwilling to give China a chance."

"By sanctioning Maduro, the United States makes clear our opposition to the policies of his regime," a statement by the US Treasury Department quoted Treasury Secretary Steven Mnuchin as saying.

"China has been one of the big funders of mining globally, including in Canada," he said. "If you look around the world, in the past few years, the real two big funders were China and private equity, while the traditional financiers' commercial banks were out of the market, so China was seen as a big source of alternative finance."

"China has an edge over many other countries in terms of promoting the development of open banking, since Chinese bankers are embracing change with an open mind," Wang said.