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The United States and Japan decided to stay out of China's initiative by the March 31 deadline as both countries worry that the AIIB may pose a challenge to the Japan-led Asian Development Bank (ADB) and the U.S.-dominated World Bank.

As two developing nations with a combined population of more than 1.5 billion, the common development of China and Brazil will not only help them cope with their respective challenges, but also contribute to the recovery of the world economy.

In the present context of international relations, cooperation between Asian and African countries remains critical and has become more important than ever, said Egyptian Ambassador to China Magdy Amer.

BEIJING, March 24 (Xinhua) -- The People's Daily, the flagship newspaper of the Communist Party of China, on Tuesday published an article written by Shi Ze, a senior research fellow with the China Institute of International Studies, urging Japan to reflect on its aggression past.

Fighting red tape has taken on extra urgency as growth slows and the economy is steered away from an unsustainable model powered by state investment toward one driven by private consumption and services.