Top 10 economic events that made news in 2014 (7)

7. 'Silk Road' initiative to galvanize regional cooperation

Having introduced the "Silk Road Economic Belt and the 21st Century Maritime Silk Road" concept last year, 2014 saw China elevate the initiative into a key diplomatic objective to improve cooperation across Eurasia. During his four-country tour of Tajikistan, the Maldives, Sri Lanka and India in September, President Xi Jinping called on those countries to actively join in the initiatives to enhance communication and economic integration across the region.

"One Belt One Road" received a further boost on Nov 8 when President Xi announced China's pledge of $40 billion to set up a Silk Road fund. The purpose of the fund is to improve connectivity across Asia by investing in infrastructure, resources and industrial and financial cooperation, among other projects.