Chinese Premier Li Keqiang has proposed the establishment of an Asian Financial Cooperation Association. Speaking at the Bo'ao Forum for Asia, Li said that the Association could improve financial markets and prevent economic turbulence in the region.
He also highlighted the fact that developing Asian countries alone contributed around 44% of the world's total growth in 2015, with an average growth of 6.5%.
So, what's the purpose of this cooperation association? What sort of operational structure might it have? And how will it differ from existing financial institutions?