Chinese diplomacy to build global community of common destiny

The country has taken steps to participate more in global financial system. It launched the Asian Infrastructure Investment Bank (AIIB) with 56 other founding members and joined the European Bank for Reconstruction and Development in January.

Wang Yi assured his American audience that the AIIB is intended as a supplement to existing global financial institutions, rather than an attempt at subverting them.

Xi's visit to Iran, Egypt and Saudi Arabia in January and China's big role in resolving the Iranian nuclear issue showed that China is working to resolve international hot-spot issues.

Xi also explained China's diplomatic policies with reference to the Confucian philosophy of justice and benefit, saying China is focusing more on justice as the world becomes a smaller place.

Contagious economic woes, intercontinental refugee crisis,the spread of terrorism and the Zika virus have affirmed the validity of the "common destiny" theory.

Many observers have noted that Xi's notions are at odds with the "Clash of Civilizations" theory which advocates that cultural and religious identities will be the primary source of conflict in the modern world.

Xi championed the pursuit of common values based on peaceful competition. Those values are peace, development, fairness, justice, democracy and freedom, as he told the United Nations General Assembly in September.

China is likely to instill those values into a new five-year development plan featuring innovation, coordination, green development, opening up and shared prosperity.