China's Foreign Ministry inaugurated a new department on Tuesday to promote the country's international economic cooperation and safeguard national economic security.

Ministry spokesman Hong Lei said at a regular press briefing that a founding conference was addressed by Chinese State Councilor Dai Bingguo and Foreign Minister Yang Jiechi to announce the establishment of the Department of International Economic Affairs.

The body will assist with China's economic governance and cooperation with other nations, implement the win-win strategy of opening up, safeguard national interests and economic security, and promote world economic growth and the common development of all countries, Hong added.

It will assume responsibility for international economic affairs including preparation for, and follow-up actions resulting from, Chinese leaders' attendance at significant events such as the Group of 20 and Asia-Pacific Economic Cooperation summits, and meetings of BRICS countries (Brazil, Russia, India, China and South Africa), according to the spokesman.

Meanwhile, the department is set to jointly work with other Chinese Government organs to make arrangements for the country to cooperate in economic and development fields within the United Nations' and other international and regional cooperation frameworks, Hong said.

It will also focus on research work concerning issues such as global economic governance, the international economic and financial situation, and regional economic cooperation, he added.

Zhang Jun, former Chinese Ambassador to the Netherlands, was appointed as the first chief of the newly established department.

(Xinhua News Agency October 9, 2012)