China is actively mapping out its "financial diplomacy", underlined by its recent initiatives to launch regional and global development banks, to cast off the drawbacks of the traditional international financial order and to safeguard the stable growth of emerging markets, observers said.

In early October, during his trip to Southeast Asia, President Xi Jinping proposed setting up an Asian infrastructure investment bank to help facilitate regional connectivity. The bank would provide financial support for infrastructure construction in regional developing economies, especially member states of the Association of Southeast Asian Nations.

"The bank will collaborate with the existing multilateral development banks within and outside the region, complementing each other and ensuring sustained stability of development of the Asian economy," Xi said.

Earlier this year, China made progress by persuading member states to create development banks within the framework of the Shanghai Cooperation Organization and BRICS.

Observers said China will be one of the major funding parties, considering its colossal economic volume, robust capital base and, most importantly, its proactive behavior.

"Beijing's initiative is especially eye-catching, as Asian developing economies are severely challenged by economic downturns and financial turbulence," said Jin Canrong, a professor of international affairs at Renmin University of China.

"The pledge, among others, has shown China's efforts to drive the whole region's development and integration with its own 'engine'," he said.

Infrastructure construction has also served as a fundamental guarantee of regional interconnection and economic integration. Although it contains the world's fastest -growing economies, Asia's present infrastructure conditions relatively lag behind.

The Asian Development Bank estimated $8 trillion of infrastructure investment is needed for Asian economies by 2020, and another $300 billion on interregional infrastructure construction.