China has pledged over $50 billion in funding for Africa, marking a significant escalation in the competition between Washington and Beijing for influence over the resource-rich continent.

The commitment, announced by Chinese President Xi Jinping during the China-Africa Cooperation summit in Beijing last week, is accompanied by a promise to create at least 1 million jobs in Africa.

The summit, which is held every three years and alternates between China and Africa, saw the participation of at least 50 African leaders.

President Xi outlined plans to disburse nearly $51 billion over the next three years, including $30 billion in credit lines, $10 billion in investments by Chinese companies, and additional financial aid, including military assistance.

"Modernisation is an inalienable right of all countries, but the Western approach to it has inflicted immense suffering on developing nations," Mr Xi said, in a veiled critique of the United States.

Mr Xi further proposed upgrading bilateral relations with all African nations that maintain diplomatic ties with China to a "strategic" level, asserting that the China-Africa relationship is at its strongest in history.

The China-Africa Cooperation forum, established in 2000, serves as a platform for China to solidify its influence in Africa amid efforts to challenge the US-led global order and stimulate a slowing economy at home.

With a rapidly growing population of 1.5 billion people and vast natural resources, Africa remains a focal point for global powers.

China, which surpassed America as Africa's largest trading partner in 2009, continues to deepen its engagement with the continent.

President Xi announced plans to execute 30 infrastructure projects across Africa as part of the Belt and Road Initiative. Last year, China approved $4.61 billion in loans to African countries.