In more than thirty years of reform and implementation of open economy policies, great changes have taken place in China. With the country’s high engagement with the world, it became obvious that China did not isolate itself from the global developments. The rapid growth of China’s economy and the country’s growing ties with the rest of the world necessitates the development of new concepts and approaches in the Chinese diplomacy. China’s emerging role in the international arena triggers a change in current international political environment and causes further rebalancing of multipolar system. Therefore, strengthening multilateral cooperation with the other regional powers and international organizations provides suitable atmosphere for development of China’s New Diplomacy.