China hopes that the Asian Financial Cooperation Association (AFCA) can help to stabilize regional and global financial markets and help in development of Asian countries, Foreign Ministry spokesperson Lu Kang said Thursday.

Lu made the remarks at a routine press briefing.

The AFCA has 107 institutions from five continents as its original members. The opening ceremony is to be held next Monday.

According to Lu, the idea for a cooperation platform for financial institutions was put forward by Chinese President Xi Jinping at the Boao Forum in 2015.

Since then, Chinese Premier Li Keqiang has been a firm supporter of the idea, said Lu.

"It is pleasing to see initiatives of Chinese leaders gaining the support of financial institutions in Asia and other regions," said Lu.

The AFCA was officially established in May at the Belt and Road forum in Beijing.