China's multifaceted financial diplomacy benefits all

BEIJING - China's budding multi-dimensional financial diplomacy is not only helping promote its own economic transformation, regional development, but also propelling reforms of the global economic governance favorable for sustainable development.

The 2008 financial crisis has rattled the old economic order dominated by developed countries, as emerging markets and developing countries have played an increasingly important role in tackling the crisis and become a driving engine for global economic growth.

The turmoil also forced emerging economies to seek bilateral and multi-lateral cooperation, reduce over-dependence on the US dollar and pursue reforms in global economic governance system to better reflect the profound changes in the global economic landscape, to create a fairer and more balanced, reasonable and efficient economic order.

Over the past five years, the Chinese government has been pushing a financial diplomacy simultaneously at bilateral, regional and multilateral levels.

China has signed bilateral currency swap agreements with over 20 countries and regions across the world, with total capital amounting to over 1.6 trillion yuan ($255.8 billion) to reduce over-reliance on the US dollar and to expand the use of Chinese currency yuan.

Meanwhile, China has gradually set up inter-governmental dialogue mechanisms with the world's leading economies such as the United States, Britain and Japan to bridge gaps, collaborate stances and reduce misjudgments.

Initiated by China, a landmark regional foreign exchange reserves pool under the ASEAN Plus Three (China, Japan, South Korea) framework has been established as China not only became the biggest fund contributor to the pool along with Japan, but also better represented.