Beijing works to spur global development

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.