TOKYO — Chinese President Xi Jinping is set to dish out financial commitments to Africa as leaders from the continent gather in Beijing on Wednesday for the Forum on China-Africa cooperation, although his government is expected to scale back its largess to mitigate debt risks.

The forum is one of the world’s largest diplomatic gatherings, with representatives from almost all of Africa — 53 of 54 countries, Eswatini being the lone exception. For China, it is a crucial opportunity to exert influence through cooperation and aid, particularly as other countries also step up their own engagement with the resource-rich but economically underdeveloped continent.