5Īlthough it has created quasi-institutional initiatives (such as the Asian Infrastructure Investment Bank, the New Development Bank, and the Silk Road Fund), China is willing to use the existing international order to continue assuming a bigger role on the multilateral stage.Ĭhina stepped up its overseas presence a decade ago by increasing its outbound investment. In the six years of President Xi’s rule, the MFA budget has jumped to 60 billion renminbi ($9.5 billion) from 30 billion renminbi in 2011. Globally, Chinese diplomats have been incredibly active, with the Ministry of Foreign Affairs (MFA) receiving a 15 percent budget increase in 2018 to help project Chinese diplomacy and soft power throughout the world. It has developed strong bilateral relations with most countries around the world, with the exception of a handful of nations that still recognize Taiwan diplomatically. On the world stage, China has become a strong player in such institutions as the United Nations and the World Bank. China’s rise has been driven by economic development, starting with the launch almost exactly forty years ago of Deng Xiaoping’s Open Door policy, which made China the economic powerhouse it is today―not just domestically, but in most parts of the world.
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